Rakesh Gangwal's Family Trust Sells 5.24% Stake In InterGlobe Aviation; IndiGo Share Price Rises 1.6%

IndiGo: Rakesh Gangwal's family trust sold over 2.02 crore shares of InterGlobe Aviation in three tranches at prices ranging between Rs 4,714.95 and Rs 4,715.89 per share

IndiGo share price: On Friday, InterGlobe's stock price are trading at Rs 4835.95 apiece rising 1.62 per cent on the BSE.

Source : PTI

IndiGo: InterGlobe Aviation promoter Rakesh Gangwal's family trust has divested a 5.24 per cent stake in InterGlobe Aviation, the parent company of IndiGo airlines, for Rs 9,549 crore. The transaction, carried out on Thursday through open market deals, aligns with Gangwal's ongoing strategy to reduce his shareholding in the company following his 2022 decision to downsize his stake after a fallout with co-founder Rahul Bhatia over corporate governance issues.

According to bulk deal data from the BSE, the family trust sold over 2.02 crore shares of InterGlobe Aviation in three tranches at prices ranging between Rs 4,714.95 and Rs 4,715.89 per share. The total value of the sale reached Rs 9,548.95 crore.

On Friday, InterGlobe's stock price are trading at Rs 4835.95 apiece rising 1.62 per cent on the BSE.

In a related development, Morgan Stanley Asia (Singapore) Pte acquired 28.54 lakh shares, representing a 0.74 per cent stake in InterGlobe Aviation, at an average price of Rs 4,714.90 per share. The purchase brought the deal's size to Rs 1,345.63 crore. Details regarding other buyers involved in the transaction remain undisclosed.

As of the end of the June quarter, InterGlobe Aviation's promoter and promoter group entities collectively held a 55.29 per cent stake in the company. Rakesh Gangwal personally held a 5.89 per cent stake, while the Chinkerpoo Family Trust owned a 13.49 per cent stake. Co-founder Rahul Bhatia and InterGlobe Enterprises together controlled a 35.91 per cent share.

This latest sale marks the second time this year that Gangwal has sold shares in IndiGo. In March, the Gangwal family also offloaded a portion of their stake. Since announcing his plan in February 2022 to gradually reduce his equity in the airline over five years, Gangwal and his wife, Shobha Gangwal, have consistently been selling shares.

Notably, in August 2023, Shobha Gangwal sold nearly a 2.9 per cent stake in the company for over Rs 2,800 crore. Earlier in February 2023, she had divested a 4 per cent stake for Rs 2,944 crore, and in September 2022, the couple sold a 2.74 per cent shareholding for Rs 2,005 crore.

Gangwal's exit from the board of InterGlobe Aviation in February 2022 was a clear indicator of the deep rift with Bhatia, leading to his ongoing efforts to gradually disengage from the airline's ownership.