The co-founder of Indian airline IndiGo, Rakesh Gangwal, will sell a stake of up to 5.7% in the low-cost carrier through a block deal worth about $1.4 billion, a term sheet showed on Tuesday.
The share sale will have a floor price of 5,175 rupees ($60.84), the term sheet seen by Reuters showed, representing a discount of 4.5% to the company's closing price on Monday.
IndiGo did not immediately respond to a request for comment.
Up to 22 million shares will be 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 holds about 13.5% of IndiGo shares, according to the term sheet.
Goldman Sachs, Morgan Stanley and JPMorgan are leading the share sale, the term sheet showed.
