New Delhi, Aug. 26 -- IndiGo co-founder and promoter Rakesh Gangwal plans to sell shares worth $801 million in the country's largest airline, according to a term sheet accessed byMint. Goldman Sachs (India) Securities Pvt, Morgan Stanley India Co. and J.P. Morgan India Pvt are arranging the trade.

Under the updated terms, Gangwal and his Chinkerpoo Family Trust will sell up to 12.1 million - or about 3.1% shares - in InterGlobe Aviation Ltd, which runs IndiGo. The offer price of Rs.5,808 reflects a nearly 4% discount to the stock's closing price of Rs.6,050 on Tuesday on the National Stock Exchange (NSE).

After this sale, Gangwal would own 4.71% of the company, while his co-promoter and current managing director of the airline, Rahul Bh...