IndiGo co-founder Rakesh Gangwal is believed to have sold around Rs 2.6 crore shares or 6.7% equity in a block deal worth over Rs 7,000 crore of the airline in a large block deal on Monday. While the stock fell initially, it traded nearly 2% higher at Rs 3,156 on the BSE in the late morning session.

The details of the transaction would be known only in the afternoon hours when the exchanges release bulk and block deals data. Bloomberg reported that Gangwal offered the shares at a minimum price of Rs 2,925, but the deal happened at Rs 3,015.10 per share.

Gangwal is cashing in with the stock trading near a record high, as a rapidly growing retail investor base and strong corporate earnings drive demand for Indian equities. This is the fourth time in two years that the co-founder has exploited investors with a major sale of IndiGo shares, according to data compiled by Bloomberg.

Morgan Stanley and Goldman Sachs Group Inc. both were. and JPMorgan Chase & Co. recruiting agents of the deal.

In the December quarter, IndiGo reported a consolidated net profit of Rs 2,998 crore, up 111% from Rs 1,423 crore reported in the year-ago quarter. Revenue from operations during the reporting period increased 30% year-on-year to Rs 19,452 crore.

The airline ferried 27.5 million passengers in the third quarter, representing a year-on-year growth of 23%. The load factor improved by 85.8% during the quarter.

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