Gangwal to dump 3.3% IndiGo stake for $450 million – Occasions of India

MUMBAI: Rakesh Gangwalthe outgoing promoter of main home airways InterGlobe Aviation that operates below IndiGo model, is promoting 3.3% stake within the firm by block offers on Monday that might fetch him about Rs 3,730 crore (about $450 million).
Gangwal plans to promote rather less than 1.3 crore shares of Indigo at a ground value of Rs 2,925 per share – practically a 6% low cost to its Thursday closing value of Rs 3,102, time period sheet for the deal confirmed. Morgan Stanley India, goldman sachs (India) Securities and JP Morgan India are managing the deal.
Gangwal invests $20mn in unicorn Zetwerk
Rakesh Gangwal, the co-founder of IndiGo Airways, has invested $20 million in unicorn startup Zetwerk. The funding has been routed by Wheelhouse Enterprise Capital, a US-based non-public funding agency run by his daughter Parul Gangwal.
“The contemporary funding has been performed at kind of the earlier valuation,” stated a supply conscious of the event. Bengaluru-based Zetwerk, which runs a contract manufacturing market, is valued at $2.8 billion.
The corporate gives precision manufacturing options and manufacturing companies to a variety of industries, and plans to make use of the funds to construct on its progress.