MUMBAI: Rakesh Gangwal, one of the co-founders of IndiGo, on Thursday sold just over 2 crore shares, translating to about a 5.3% stake in Interglobe Aviation, the holding company of the airline, for nearly Rs 9,550 crore through block deals on BSE. With this stake sale, Gangwal family’s stake in the airline – the largest in India by market share – is down to about 14.1% from 36.6% in March 2022.
In Feb 2022, Gangwal and Rahul Bhatia, co-founder and MD of IndiGo, had signed an agreement for Gangwal to exit the airline by 2027 by diluting his entire stake. Since June 2022, Gangwal has been selling his stake in the company in small lots, exchange data showed.
In Thursday’s session, Chinkerpoo Family Trust – a Delaware-based entity in which Gangwal’s wife Shobha is a trustee – sold three lots of 67.5 lakh Indigo shares each at an average per-share price of about Rs 4,716. A Singapore-registered arm of global financial major Morgan Stanley was the largest buyer from the block that picked up 28.5 lakh shares, BSE data showed.
After the block deal, IndiGo shares on the BSE slid nearly 3% and closed the session at Rs 4,759, down 2% on the day. The block deals were executed at a discounted price. Gangwals had started diluting their stake in the airline in June 2022 after resigning from the company’s board in Feb that year. The decision came after years of legal battles between the two founders, TOI had reported on Feb 18, 2022.
In a letter to board members, Gangwal had then said that although he believed in the long-term prospects of IndiGo, he was eyeing to diversify his holdings.
In Feb 2022, Gangwal and Rahul Bhatia, co-founder and MD of IndiGo, had signed an agreement for Gangwal to exit the airline by 2027 by diluting his entire stake. Since June 2022, Gangwal has been selling his stake in the company in small lots, exchange data showed.
In Thursday’s session, Chinkerpoo Family Trust – a Delaware-based entity in which Gangwal’s wife Shobha is a trustee – sold three lots of 67.5 lakh Indigo shares each at an average per-share price of about Rs 4,716. A Singapore-registered arm of global financial major Morgan Stanley was the largest buyer from the block that picked up 28.5 lakh shares, BSE data showed.
After the block deal, IndiGo shares on the BSE slid nearly 3% and closed the session at Rs 4,759, down 2% on the day. The block deals were executed at a discounted price. Gangwals had started diluting their stake in the airline in June 2022 after resigning from the company’s board in Feb that year. The decision came after years of legal battles between the two founders, TOI had reported on Feb 18, 2022.
In a letter to board members, Gangwal had then said that although he believed in the long-term prospects of IndiGo, he was eyeing to diversify his holdings.
