Rakesh Gangwal, co-founder of Indian carrier IndiGo, will sell a stake of up to 3.3%, worth 37.3 billion rupees ($451 million), in operator Interglobe Aviation through a block deal, news channel CNBC-TV18 reported on Thursday, citing sources.

The floor price for the block deal has been set at 2,925 rupees per share, the report said, which is a 5.8% discount to Interglobe’s closing price on Thursday.

IndiGo did not immediately respond to a Reuters request for comment.

CNBC-TV18 did not disclose when the block deal would take place.

Gangwal holds a 11.72% stake in the airline he founded in 2006 with Rahul Bhatia, according to latest available exchange data.

Gangwal and his wife, Rekha Gangwal, have reduced their shareholding in the company over the last year, with the latter completely exiting the firm last August.

Their Chinkerpoo Family Trust still holds a 13.49% stake in Interglobe, and is the firm’s biggest shareholder after Bhatia’s Interglobe Enterprises.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)