New Delhi, Aug 15 (IANS): The Gangwal family of Interglobe Aviation is reportedly raising $450 million or around Rs 3,735 crore via a block trade in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, Rakesh Gangwal, as per media reports.

In September 2022, the family had sold a tranche of 2.8 per cent worth Rs 2,000 crore and in February, it sold a 4 per cent stake for Rs 2,900 crore, as per media reports.

Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022 and the family holds a 29.72 per cent stake in it, as per the latest stock exchange disclosures.

When he quit the board, Rakesh Gangwal had said the family would dilute its stake in a phased manner.

The offer floor price is Rs 2,400/per share, representing a 5.8 per cent discount to the last close price of Rs 2,549 per share, according to deal terms, media reports said.

The current market cap of Interglobe Aviation is around Rs 98,313 crore and its stock price has risen by more than 22 per cent in the last six months, reports said.