New Delhi, May 26 -- IndiGo co-founder and promoter Rakesh Gangwal is expected to sell shares worth $803 million in the airline in a block deal on 27 May, according tothe term sheet.

Gangwal and his Chinkerpoo FamilyTrust are expected to offload13.2 million shares or 3.4% stake at an offer price of Rs.5,175 per share inInterGlobe Aviation Ltd, which runs India's largest carrier, said the term sheet reviewed by Mint. That's a 4.5% discount to its Monday close price of Rs.5,418.3 apiece on the BSE.

As on 30 March, Gangwal had a 5.3% stake in the aviation company, while the Chinkerpoo Family Trust owned 8.23% in the company, according to data on BSE. As of November 2015, Gangwal owned 16.89% of IndiGo, while the trust held 15.64%.

Goldman...