An IndiGo co-founder raised over $820 million by selling a portion of his share, in the biggest block equity sale in India since 2019.

According to the terms of the agreement reviewed by Bloomberg News, Rakesh Gangwal sold 22.5 million shares of InterGlobe Aviation Ltd., the company that owns Indigo, for Rs 3,015.10 per share.

The final price was higher than the floor indication of Rs 2,925 per share, and more shares were sold than the 12.75 million originally anticipated. 

Gangwal is profiting from the fact that the stock is almost at a record high due to the demand for Indian stocks being driven by robust corporate earnings and a rapidly expanding retail investor base. Based on statistics obtained by Bloomberg, this is the co-founder's fourth attempt in the last two years to reach investors through a block sale of IndiGo shares.

Placement agents include Morgan Stanley, JPMorgan Chase & Co., and Goldman Sachs Group Inc.

As of 11:25 a.m. in Mumbai, the stock was up 2%, bringing its gain for the year to 6.5%. IndiGo's stock increased by 48% in the previous year.