Indian billionaire Rakesh Gangwal raised 115.6 billion rupees ($1.4 billion) selling a stake in the parent of IndiGo, as he continues to retreat from the airline he co-founded almost two decades ago.

The co-founder of Indian airline IndiGo , Rakesh Gangwal, sold a 5.7% stake in the low-cost carrier through a block deal worth about $1.36 billion, a term sheet showed on Tuesday.

Indian airline IndiGo co-founder Rakesh Gangwal will sell up to a 3.4% stake in the low-cost carrier through a block deal worth 68.31 billion rupees (nearly $803 million), news channel CNBC-TV18 ...