Budget airline IndiGo's co-promoter Rakesh Gangwal's wife Shobha Gangwal is likely to sell a 4 percent stake in the company via a block deal, sources privy to the developments told CNBC-TV18.

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The floor price has been fixed at Rs 1,875 per share and the offered size is Rs 2,930 crore, according to multiple people familiar with the development.

There will be a 150-day lock-up period post-block deal for the investors, sources in the know told CNBC-TV18.

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Back in September last year, Gangwal and his wife had divested a 2.74 percent stake in the parent company InterGlobe Aviation for Rs 2,005 crore through open market transactions.

Gangwal resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years. Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.

According to the bulk deal data available with the National Stock Exchange (NSE), Gangwal and his wife Shobha Gangwal sold a total of 1.05 crore shares, amounting to a 2.74 percent stake in the company. The shares were sold in the range of Rs 1,886.47-1,901.34 apiece, valuing the transaction at Rs 2,004.77 crore.

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Interglobe Aviation is engaged in the business of providing domestic and international air transport services under the name Indigo.