Gangwal, family sell 5.7% stake in IndiGo for Rs 11K cr

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.

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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.

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.

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