IndiGo Bulk Deal: Co-Founder Rakesh Gangwal's Family Trust Offloads Stake Worth Rs 2,933 Crore

IndiGo promoter Rakesh Gangwal's family trust on Thursday sold a 1.3 per cent stake in the country's largest airline for Rs 2,933 crore through open market transactions, cumulatively offloading shares worth Rs 14,497 crore so far this year.

With the latest sale, the cumulative divestment by Rakesh Gangwal, along with his wife Shobha Gangwal and their family trust -- the Chinkerpoo Family Trust -- stood at Rs 39,532.79 crore, translating to around $4.51 billion.

Since 2022, Gangwals and their family trust have offloaded a 28.32% stake in IndiGo, according to an analysis by PTI.

InterGlobe Aviation, which commands substantial valuation in the stock market, operates IndiGo, which accounts for over 65 per cent of the total domestic air traffic.

Following a bitter fallout with co-promoter and co-founder Rahul Bhatia, Gangwal, in 2022, announced that he will gradual sell stake in the airline in a phased manner.

According to the bulk deal data available on the NSE on Thursday, the Chinkerpoo Family Trust offloaded a total of 50.40 lakh shares in two tranches representing a 1.3% stake in Gurugram-based InterGlobe Aviation.

The shares were disposed of in the price range of Rs 5,814.71-5,825.72 apiece, taking the combined deal value to Rs 2,933.39 crore.

After the stake sale in IndiGo, the holding of the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has come down to 1.78% from 3.08%.

Also, the combined shareholding of Gangwals and Family Trust in IndiGo has declined to 6.51% from 7.81%.

Details of the buyers of InterGlobe Aviation's shares could not be ascertained on the exchange.

Shares of InterGlobe Aviation declined 5.22% to close at Rs 5,734 apiece on the NSE.

In May this year, Rakesh Gangwal and his family trust trimmed their holding by divesting a 5.72% stake in the airline for Rs 11,564 crore.

In August 2024, Gangwal's family trust sold a 5.24 per cent stake in the airline for Rs 9,549 crore. Before that, it had sold shares in March.

The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Since February 2022, Gangwal and his wife, Shobha Gangwal, have been offloading their shares in IndiGo.

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

Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation, and Rakesh Gangwal said he would gradually reduce his equity stake in the airline over the next five years.