The wife of IndiGo co-promoter Rakesh Gangwal, Shobha Gangwal is to sell her shares amounting to a four percent stake in the aviation company via a block deal.

The block deal comes days after the company reported a 1,000 percent surge in net profit during the third quarter of the fiscal year 2022-23. The block deal has been launched for 1.56 crore shares. The total deal size is Rs 2,930 crore.

IndiGo’s promoter and promoter group presently hold a total of 71.92 percent stake or 27.72 crore shares in the company, as per the shareholding pattern disclosed with the BSE.

The airline’s profit came in at Rs 1,422.6 crore in Q3 FY23 as against a profit of Rs 129.8 crore in the year-ago period.

Revenue from operations surged 61 percent to Rs 14,932 crore in the third quarter as against Rs 9,294 crore a year ago.

Rakesh Gangwal, along with Rahul Bhatia, co-founded IndiGo airlines in 2006. In February last year, Gangwal resigned from the board of directors and announced that he would gradually reduce his stake in the company.

In September, Gangwal and his wife had offloaded a 2.74 percent stake in InterGlobe Aviation, the parent firm of IndiGo, for Rs 2,005 crore through open market transactions.

The shares of Interglobe Aviation settled at Rs 1,986 apiece at the market closing hours of February 15, 2023. The closing price was 2.5 percent lower than the previous day’s close.

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