InterGlobe Aviation: Gangwal sells 5.25% stake in InterGlobe for Rs 9,549 crore

Mumbai: Rakesh Gangwal, co-founder of InterGlobe Aviation, parent of India’s largest airline IndiGo, sold a 5.25% stake on Thursday for ₹9,549 crore. The Chinkerpoo Family Trust, owned by Gangwal, sold 2.03 crore shares at ₹4,715.53 apiece in a block deal – one of the largest ever, according to BSE data.

Morgan Stanley bought 28.54 lakh shares worth ₹1,346 crore, while the rest of the buyers remain unknown. As of June 30, 2024, the Chinkerpoo Family Trust held a 13.49% stake in the aviation company, while Rakesh Gangwal held a separate 5.89% stake.

In February 2022, Rakesh Gangwal, co-founder of India’s largest carrier, announced his decision to gradually reduce stake in the company and stepped down from the company’s board. This decision followed a two-year-long bitter battle with co-promoter Rahul Bhatia.

Shares of Indigo rallied 92% in the last year compared to a 30% gain in the Nifty.

Rakesh Gangwal, his wife Shobha Gangwal, and their family trust, all part of the promoter group, held a 33.78% stake in the airline company as of December 2022.Earlier this year, Gangwal sold a 5.8% stake in the budget carrier, raising ₹6,786 crore through open market. In August 2023, Shobha Gangwal sold a 4% stake in the company in open market for approximately ₹2,944 crore.