Global financial services major Morgan Stanley is likely to sell a 2.8 percent stake held by the Rakesh Gangwal family in the country's largest carrier IndiGo via a block deal tomorrow (September 8), sources privy to the developments told CNBC-TV18.

Share Market Live

NSE

Gangwal and his family own 36.61 percent stake in InterGlobe Aviation, the parent company of Indigo. Co-Founder and Managing Director Rahul Bhatia and his family own about 37.8 percent.

The floor price has been fixed at Rs 1,850 per share, at a 6.5 percent discount from the current market price (CMP), according to multiple people familiar with the development.

Also Read: Pieter Elbers takes charge as IndiGo CEO — more about the Dutchman here

Back in February, IndiGo Co-Founder Gangwal resigned from the board, planning to cut his stake in the airline over the next five years.

He and Bhatia had engaged in a spat in early 2020 when Gangwal sought to modify certain rules in the company's articles of association.

A non-executive director, Gangwal had alleged violations in corporate governance rules at the parent group and wanted to remove an article that prevented co-founders from buying publicly-listed shares in InterGlobe and potentially triggering an open offer for the rest of the company.

Also Read: Aviation Ministry seeks to double the loan outstanding limit under ECLGS

(Edited by : Shoma Bhattacharjee)