Rakesh Gangwal sells 5.24% stake in parent company IndiGo

Mumbai: Rakesh Gangwal, the billionaire co-founder of India’s largest airline IndiGo, sold a 5.24% stake in InterGlobe Aviation on Thursday for Rs 9,549 crore. More than 2.02 crore shares of InterGlobe Aviation, the parent company of IndiGo, were sold by Gangwal’s Chinkerpoo Family Trust in three tranches at a price range of Rs 4,714.95-4,715.89 per share.

Bulk deal data on the Bombay Stock Exchange (BSE) showed that Morgan Stanley Asia (Singapore) Pte acquired 28.54 lakh shares, representing a 0.74% stake in InterGlobe Aviation, at an average price of Rs 4,714.90 per share. The total value of this transaction was Rs 1,345.63 crore.

The share sale is part of Gangwal’s decision in February 2022 to trim his shareholding after a public feud with co-founder Rahul Bhatia over alleged corporate governance issues.

As of the end of the June quarter, the Gangwal-backed promoter group held a 19.38% stake in InterGlobe Aviation, including Rakesh Gangwal’s personal stake of 5.89%. Following Thursday’s stake sale, the Gangwals’ holding in the airline has come down to little over 14%.