Shobha Gangwal sells 3% in InterGlobe Aviation stake, mops up Rs 2,802 cr

InterGlobe Aviation's promoter Shobha Gangwal on Wednesday sold a nearly 3 per cent stake in the aviation company. She sold a total of 11.52 million shares for Rs 2,441-Rs 2,427 apiece to mop up Rs 2,802 crore, data provided by stock exchanges showed. The names of the buyers weren’t disclosed.

Shobha is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country's largest airline IndiGo. The shares were sold in three bulk deal transactions

Shares of InterGlobe finished at Rs 2,458 on Wednesday, down 3.6 per cent over its previous day’s close.

Before the stake sale, Rakesh Gangwal and his family held a 29.72 per cent stake in InterGlobe. The lockup on the 29 per cent stake held by Gangwal had expired in July. Earlier, he stated his intention to pare down his stake amid a public battle with co-founding partner Rahul Bhatia.

 

This is the third time that the Gangwal family has pared their holding in the airline major in the past year. In September 2022, the Gangwals sold a 2.8 per cent stake for around Rs 2,000 crore. In February this year, they sold a 4 per cent stake for Rs 2,900 crore. During the same month, Rakesh Gangwal stepped down from the company’s board.

GQG buys JSW Energy stake again for Rs 570 cr

Promoter JSW Investments on Wednesday pared a 1.27 per cent stake in JSW Energy for Rs 717 crore through open market transactions. GQG Partners funds were the major buyers; they together bought 1.02 per cent in the company for Rs 570 crore, paying Rs 341.7 for a share.

The other bulk buyers included Washington State Investment Board, AustralianSuper, Reliance Trust Institutional Retirement Trust Series Twelve, Witan Investment Trust, and Alliance Trust. According to the block deal data available with BSE, JSW Investments offloaded 21 million shares on Wednesday.

On Monday, GQG Partners acquired more than 12 million shares of JSW Energy at Rs 345 apiece, aggregating Rs 411 crore.

After Wednesday’s transaction, the shareholding of JSW Investments reduced to 18.95 per cent, from a 20.22 per cent stake in JSW Energy at the end of the June quarter. Shares of JSW Energy rose 6.66 per cent to close at Rs 368.10 apiece on the BSE.