SYDNEY, May 27 (Reuters) - The co-founder of Indian

airline IndiGo, Rakesh Gangwal, sold a 5.7% stake in

the low-cost carrier through a block deal worth about $1.36

billion, a term sheet showed on Tuesday.

The shares were sold at 5,230.5 rupees ($61.35) each, the

term sheet seen by Reuters showed, representing a discount of

3.5% to the company's closing price on Monday.

IndiGo did not immediately respond to a request for comment.

Around 22.1 million shares were sold, the term sheet showed.

The number of shares was increased from the original size of up

to 13.2 million shares worth about $803 million.

Gangwal held about 13.5% of IndiGo shares, according to the

term sheet.

Goldman Sachs ( GS ), Morgan Stanley ( MS ) and JPMorgan ( JPM ) led the share

sale, the term sheet showed.

($1 = 85.2520 Indian rupees)

(Reporting by Scott Murdoch; Additional reporting by Kashish

Tandon; Editing by Clarence Fernandez and Muralikumar

Anantharaman)