Rakesh Gangwal, Wife Sell 2.74% Stake In Indigo's Parent Company For Rs 2,005 Crore

IndiGo Airlines co-promoter Rakesh Gangwal and his wife on Thursday divested 2.74 per cent stake in the parent company InterGlobe Aviation for Rs 2,005 crore through open market transactions.

Mr Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.

Mr Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.

According to the bulk deal data available with the National Stock Exchange (NSE), Mr Gangwal and his wife Shobha Gangwal sold a total of 1.05 crore shares, amounting to 2.74 per cent stake in the company.

The shares were sold in the range of Rs 1,886.47 - Rs 1,901.34 apiece, valuing the transaction at Rs 2,004.77 crore.

As of June quarter, Mr Gangwal and his family owned 36.61 per cent stake in the low-cost carrier, where he and his wife held 14.6 per cent and 8.39 per cent stake, respectively, while the rest of the balance is held by Chinkerpoo Family Trust, shareholding data showed with the bourse.

Mr Bhatia and his related entities own nearly 38 per cent in InterGlobe Aviation.

Shares of Interglobe Aviation closed 1.56 per cent lower at Rs 1,946.90 on NSE.

Interglobe Aviation is engaged in the business of providing domestic and international air transport services under the name 'Indigo'.