IndiGo co-founder Rakesh Gangwal’s family is planning to sell a stake between 5-8 per cent worth around Rs 7,500 crore ($909.58 million) in the Indian airline’s parent company InterGlobe Aviation Ltd.
According to exchange data, Gangwal and his wife, Shobha Gangwal, hold 13.23 per cent and 2.99 per cent respectively in InterGlobe as of 31 March. Their Chinkerpoo Family Trust holds a 13.5 per cent stake in the company.
The Gangwal family will likely sell stakes in block deals after the lock-in for shares opens on 15 July, CNBC Awaaz reported citing sources.
In February, Shobha Gangwal had slashed her stake by over 4 per cent in InterGlobe Aviation for Rs 2,944 crore through open market transactions. With this divestment, her stake in the parent company came down from 7.04 per cent to 2.99 per cent.
Rakesh Gangwal resigned from the company’s board in February 2022. The co-founder had said that he would reduce his stake in the airline over five years.
After the stake sale report, InterGlobe Aviation’s shares fell as much as 3.1 per cent on Monday. The stock has surged over 19 per cent year to date.
At the time of writing, IndiGo shares were trading 56.65 points or 2.30 per cent down at Rs 2,406.90 on the BSE.
IndiGo Airlines was co-founded by Rakesh Gangwal and Rahul Bhatia in 2006. Gangwal resigned from the company’s board in February 2022.
The co-founders came to the forefront in 2020 when Gangwal wanted to change certain rules in the company’s articles of association.