Indigo promoter Rakesh Gangwal has made an investment of Rs 165 crore in Zetwerk.

Rakesh Gangwal, co-founder of InterGlobe Aviation (IndiGo airline), is set to divest a 3.3 per cent stake in the company through bulk deals on Monday. The floor price for the transaction has been established at Rs 2,925, representing a 6 per cent discount from the last closing price of Rs 3,105.7. This move is expected to generate around Rs 3,730 crore ($450 million) for Gangwal. Morgan Stanley, Goldman Sachs, and JP Morgan are overseeing the share sale.

Currently, the Gangwal family holds approximately 25.21 per cent stake in IndiGo. They have progressively reduced their holding in the airline over recent instances. In August 2023, Shobha Gangwal, Gangwal's wife, sold a 3 per cent stake for about Rs 2,802 crore, followed by a 4 per cent stake sold in February 2023 for Rs 2,900 crore. Earlier, in September 2022, a 2.8 per cent stake was sold for around Rs 2,000 crore.

Gangwal had resigned from the board of directors of the company on 18 February 2022, announcing plans to gradually decrease his equity stake over the next five years. Previously, Gangwal and co-promoter Rahul Bhatia were engaged in a dispute for nearly 2.5 years until December 2021. Bhatia and his related entities currently hold 37.75 per cent in InterGlobe Aviation. In addition to his involvement with IndiGo, Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. Zetwerk expressed enthusiasm about Gangwal's strategic guidance, citing his extensive experience in building businesses and iconic brands as invaluable.As per reports by CNBC-TV18, Gangwal is also set to divest a 3.3 per cent stake in Interglobe Aviation valued at ₹3,730 crore. This block deal is priced at ₹2,925 per share, representing a 5.8 per cent discount to Interglobe's closing price on Thursday. Gangwal currently holds an 11.72 per cent stake in the airline. Over the past year, both Gangwal and his wife, Rekha Gangwal, have reduced their shareholding, with Rekha exiting the firm entirely in August.