Mumbai, May 27 -- IndiGo co-founder and promoter Rakesh Gangwal is expected to sell shares worth $1.35 billion in the airline through a block deal on 27 May, according to a term sheet accessed by Mint.

On Monday, Mint reported that Gangwal was expected to sell shares worth $803 million via a block deal. However, the transaction size has since grown, according to the latest term sheet reviewed by Mint.

Under the updated terms, Gangwal and his Chinkerpoo Family Trust are set to offload 22.1 million shares, or a 5.7% stake, at an offer price of Rs.5,230.5 per share in InterGlobe Aviation Ltd, which operates IndiGo, India's largest airline. This price reflects a 3.5% discount to the stock's Monday closing price of Rs.5,420 on the BSE.

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