India’s IndiGo co-founder to sell up to $1.4 billion worth of shares, term sheet shows

SYDNEY: The co-founder of Indian airline IndiGo, Rakesh Gangwal, will sell a stake of up to 5.7% in the low-cost carrier through a block deal worth up to $1.4 billion, a term sheet seen by Reuters showed on Tuesday.

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The share sale will have a floor price of 5,175 rupees ($60.84), the term sheet showed, or a discocunt of 4.5% from the company’s closing price on Monday.