IndiGo co-founder Rakesh Gangwal plans to sell up to a 3.4% stake worth $803M on May 27.

Rakesh Gangwal, co-founder of Indian airline IndiGo, plans to sell up to a 3.4% stake worth about $803 million on May 27. The shares will be sold at a floor price of ₹5,175 each, a 4.5% discount from Monday's closing price. Gangwal, who stepped down from IndiGo's board in 2022 due to a dispute with co-founder Rahul Bhatia over corporate governance, has been reducing his family's ownership from 36.6% to the current 13.5%.