BENGALURU, June 11 Reuters IndiGo airline39;s biggest shareholder will sell a 2 stake worth 394 million in the lowcost Indian carrier on Tuesday, per a term sheet seen by Reuters, marking its first such sale in at least four years during which the company39;s stock has soared.

Interglobe Enterprises, which had a 37.75 stake in Interglobe Aviation, the operator of IndiGo, will sell the shares at a base price of 4,266 rupees each, the term sheet showed.

That is a 6.6 discount to the stock39;s closing price on Monday. The stock slid 3.6 to 4,403.40 rupees on Tuesday.

Interglobe Enterprises, led by Rahul Bhatia, the cofounder of IndiGo, cannot sell further shares for another 365 days, the term sheet showed.

This is Interglobe Enterprises39; first stake sale in at least four years, per exchange data, during which the stock has more than quadrupled in value.

In contrast, Rakesh Gangwal, IndiGo39;s other cofounder, and his wife Shobha have trimmed their stake for more than a year now through multiple share sales.

Still, IndiGo39;s stock has risen roughly 85 over the last one year, hitting multiple alltime highs during that period.

Interglobe Enterprises also operates in the hospitality as well as logistics sectors, and has partnered with U.S.based Archer Aviation to start electric air taxis in India.

Around 1.1 million IndiGo shares changed hands via block trades on Tuesday, per National Stock Exchange data, all at a discount to the last closing price, but above the base…