Rakesh Gangwal, family trust sells 5.83% stake in IndiGo for Rs 10,500 cr

InterGlobe Aviation promoter Rakesh Gangwal and his family trust have reduced their stakes in the airline by selling a combined 5.83 per cent shareholding for about Rs 10,500 crore.

A total of 2.25 crore shares or 5.83 per cent holding in InterGlobe Aviation were sold by Gangwal and Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware.

In two separate regulatory filings, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation and the Chinkerpoo Family Trust disposed of more than 2.02 crore scrips of the airline.

After the share sale, Gangwal's stake in InterGlobe Aviation has come down to 5.31 per cent from 5.89 per cent, while the Chinkerpoo Family Trust's stake has declined to 8.24 per cent from 13.49 per cent, the filing said.

Also, the combined shareholding of Gangwal and Chinkerpoo Family Trust has 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, as per the bulk deal data on BSE.

The transaction value of Gangwal's individual stake sale could not be ascertained on Thursday.

Bhatia and InterGlobe Enterprises owned a combined 35.91 per cent stake in the company, as per the exchange data.

Gangwal has been offloading stake in the airline since February, following a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Earlier, Gangwal had sold shares of IndiGo in March. Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in the airline.

In August 2023, Shobha Gangwal sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore.

In February 2023, Shobha Gangwal divested a 4 per cent stake in the company for Rs 2,944 crore.

In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding 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 equity stake in the airline over the next five years.

IndiGo is the country's largest airline with a domestic market share of 62 per cent and is also expanding its international operations. The budget carrier is all set to introduce business class seats in November and will also be inducting wide-body planes from 2027.

On Friday, shares of InterGlobe Aviation rose 1.48 per cent to close at Rs 4,829.20 apiece on the BSE.