Investing.com-- Shares of India’s InterGlobe Aviation Ltd (NSE: INGL ), the operator of IndiGo airlines, fell on Tuesday after a Reuters report revealed that co-founder Rakesh Gangwal plans to sell up to $1.4 billion worth of shares via a block deal.

According to a term sheet reviewed by Reuters, Gangwal intends to offload up to 22 million shares, representing approximately 5.7% of the company, at a floor price of ₹5,175 per share, a 4.5% discount to Monday’s closing price.

The deal, initially set at 13.2 million shares worth about $803 million, was later expanded, the report said.

Shares of the Indian low-cost airline fell as much as 3.5% to 5,230.50 rupees. As of 09:25 IST, shares were trading 2.6% lower at 5,278 rupees.

Gangwal, who stepped down from IndiGo’s board in 2022, currently holds around 13.5% of the airline.