IndiGo co-promoter Rakesh Gangwal, wife Shobha sell 1.40% stake in InterGlobe Aviation

Budget airline IndiGo’s co-promoter Rakesh Gangwal and his wife Shobha Gangwal have sold 1.40 per cent stake or 54,00,000 shares in the airline’s parent company InterGlobe Aviation through a block sale at a face value of Rs 10 per equity share.

Earlier, there were reports that Gangwal may sell up to 2.8 per cent stake in InterGlobe Aviation through block deals worth Rs 2,000 crore, as per the bulk deal data available with the National Stock Exchange (NSE). Gangwal and his family own 36.61 per cent stake in InterGlobe Aviation.

As of April-June quarter, Gangwal and his family held 36.61 per cent stake in IndiGo. Of this, Gangwal and his wife held 14.6 per cent and 8.39 per cent stake whereas the rest is held by the Chinkerpoo Family Trust, as per news agency PTI.

The aviation veteran resigned from the board of directors at InterGlobe Aviation in February this year. At the time of his resignation, Gangwal said he will gradually do away with his equity stake over the next five years. He also asked the company to not share any unpublished price sensitive information (UPSI) and there will be no reason for IndiGo to do so since he has tendered his resignation.

Gangwal founded IndiGo airlines along with Rahul Bhatia. Shares of InterGlobe Aviation were up 0.53 per cent at 1,944.40 apiece on the BSE at the time of writing this story.

Also read: IndiGo co-founder Rakesh Gangwal donates Rs 100 cr to IIT Kanpur