Cyril Amarchand, Khaitan, Latham & Watkins act on Gangwal's sale of a 2.8% stake in Indigo Airlines

The bulk share sale aggregated to ₹2,046 crore.
Indigo Airlines
Indigo Airlines

Rakesh Gangwal, co-founder of IndiGo, is selling up to a 2.8% stake in Interglobe Aviation through a block deal that will fetch him at least ₹2,046 crore.

The Capital Market Practice of Cyril Amarchand Mangaldas advised Goldman Sachs, J.P. Morgan and Morgan Stanley India (collectively the Placement Agents) on the transaction and assisted with review, negotiation and finalization of the transaction documents.

The transaction team consisted of Gokul Rajan (Partner), Anuj Pethia, (Consultant), and Adwait Deshmukh (Trainee-Legal).

Latham & Watkins LLP acted as international legal counsel for Placement Agents.

Khaitan & Co advised the Sellers - Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust, in relation to all aspects of the sale of certain shares held by the Sellers in Indigo.

The core team consisted of Anuj Shah (Partner), Aditya Cheriyan (Partner), Chirayu Chandani (Partner) and Rahul Chandramouli (Senior Associate).

Execution assistance: Vinita Choudhury (Counsel), Akash Srinivasan (Associate) and Hrithik Khurana (Associate)

Tax assistance: Vinita Krishnan (Director), Jimmy Bhatt (Principal Associate) and Ujjval Gangwal (Senior Associate).

The transaction agreement was signed on September 7, 2022 and the transaction was closed and settled on September 12, 2022.

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