Gangwal family may sell Rs 7,500-cr stake in IndiGo

Bengaluru, June 12

The family of IndiGo’s co-founder Rakesh Gangwal is likely to sell up to 8% stake in the Indian airline’s parent InterGlobe Aviation Ltd worth up to Rs 7,500 crore, according to a report in a news channel, citing sources.

Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe Aviation as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.

The Gangwal family will likely sell stake in block deals when the lock-in period for shares open on July 15, the report said.

Shobha Gangwal had cut her stake in the company by over 4% in February.

Interglobe Aviation and a represenatative for the Gangwal family did not immediately respond to request for comment.

Rakesh Gangwal resigned from the company’s Board in February 2022. Reuters

Shares fall over 3%

Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report