Rakesh Gangwal, family trust sell 5.72 pc stake in IndiGo for Rs 11,564 cr

New Delhi, May 27 (PTI) InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday trimmed their holdings by divesting a 5.72 per cent stake in the airline for Rs 11,564 crore through open market transactions.

A total of 2.21 crore equity shares or 5.72 per cent were offloaded by Gangwal and his family trust, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, as per the bulk deal data on the NSE.

According to the data, Rakesh Gangwal sold 22.10 lakh shares or 0.6 per cent stake in InterGlobe Aviation.

In addition, the Chinkerpoo Family Trust disposed of nearly 1.99 crore shares in three tranches, representing a 5.15 per cent holding in Gurugram-based InterGlobe Aviation.

The shares offloaded in the price range of Rs 5,230.99-5,235.31 apiece, taking the combined transaction value to Rs 11,563.79 crore.

After the latest transaction, Rakesh Gangwal's holding in InterGlobe Aviation declined to 4.7 per cent from 5.30 per cent and the Chinkerpoo Family Trust's stake has also dipped to 3.08 per cent from 8.23 per cent in India's largest airline IndiGo.

Also, the combined holding of Gangwal and Family Trust stake in InterGlobe Aviation has declined to 7.81 per cent from 13.53 per cent.

Promoter and co-founder of IndiGo Rahul Bhatia, his family and Bhatia-led InterGlobe Enterprises owned a combined 35.74 per cent stake in the airline.

Details of the buyers of InterGlobe Aviation's shares could not be ascertained on the National Stock Exchange (NSE).

On Tuesday, shares of InterGlobe Aviation fell 2.08 per cent to close at Rs 5,307 apiece on the NSE.

In August 2024, Rakesh 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 a 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 that he would gradually reduce his equity stake in the airline over the next five years. PTI HG DR BAL