In two separate regulatory filings, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation and Chinkerpoo Family Trust offloaded over 2.02 crore shares of the airline.
After the share sale, Gangwal’s bet The stake in InterGlobe Aviation has fallen from 5.89 percent to 5.31 percent, while that of Chinkerpoo Family Trust has declined from 13.49 percent to 8.24 percent, the filing said.
Also, the combined stake of Gangwal and Chinkerpoo Family Trust was reduced to 13.55 per cent from 19.38 per cent.
On Thursday, Gangwal’s family trust sold a 5.24 per cent stake in the airline for Rs 9,549 crore through open market transactions in three tranches in a price range of Rs 4,714.95-4,715.89 per scrip, according to bulk transaction data on the BSE. The transaction value of the sale of Gangwal’s individual stake could not be ascertained on Thursday. Bhatia and InterGlobe Enterprises held a combined 35.91 per cent stake in the company, according to exchange data. Gangwal has been offloading stake in the airline since February, following a bitter dispute with co-founder Rahul Bhatia over alleged corporate governance issues.
Gangwal had previously sold shares in Indigo In March-February 2022, Gangwal and his wife Shobha Gangwal have divested their shares in the airline.
In August 2023, Shobha Gangwal sold nearly 2.9 per cent stake in the company for just over Rs 2,800 crore.
In February 2023, Shobha Gangwal sold a 4 per cent stake in the company for Rs 2,944 crore.
In September 2022, Rakesh Gangwal and Shobha Gangwal sold 2.74 per cent stake for Rs 2,005 crore.
Amid differences with co-founder Bhatia, Gangwal in February 2022 resigned from the board of directors of InterGlobe Aviation, saying he would gradually reduce his shareholding in the airline over the next five years.
IndiGo is the country’s largest airline, with a 62 per cent domestic market share, and is also expanding its international operations. The budget carrier is set to introduce business class seats in November and will also introduce wide-body aircraft from 2027.
On Friday, InterGlobe Aviation shares rose 1.48 per cent to close at Rs 4,829.20 apiece on the BSE.
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