IndiGo co-founder's wife to sell 4% stake in Indian carrier -report

The wife of IndiGo's co-founder is likely to sell a 4% stake in the Indian carrier's parent, InterGlobe Aviation Ltd (INGL.NS), for 29.30b rupees ($353.8m) through a block deal, CNBC-TV18 reported on Wednesday, citing sources. The offer floor price for the sale by Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, has been set at 1,875 rupees per share, the news channel reported. The price is at a 5.6% discount to InterGlobe's closing price on Wednesday. IndiGo did not respond to a Reuters request for comment, while Shobha Gangwal could not be immediately reached for comment. Rakesh and Shobha Gangwal hold stakes of 13.23% and 7.04%, respectively in InterGlobe, while their Chinkerpoo Family Trust holds a 13.50% stake. The Gangwals sold a 2.75% stake in September last year, seven months after Rakesh Gangwal resigned from the company's board and said he would cut his stake in the airline over five years.<br/>