New Delhi: Rakesh Gangwal, the co-founder and promoter of the nation’s largest airline IndiGo, on Monday offered 5.83 per cent stake within the service for Rs 6,785 crore by means of open market transactions.
The stake sale is a part of Gangwal’s determination to trim his shareholding, a choice introduced in February 2022 after a bitter feud with co-founder Rahul Bhatia over alleged company governance points.
A complete of two.25 crore shares of InterGlobe Aviation have been offered in three tranches, with the worth starting from Rs 3,015.10 to Rs 3,016.36 apiece, in line with bulk deal information on BSE.
The shares have been offloaded at a reduction in comparison with the corporate’s closing value of Rs 3,214.25 apiece on BSE. The scrip ended the day with a acquire of three.63 per cent whereas the benchmark Sensex closed within the pink.
InterGlobe Aviation is the mum or dad of no-frills service IndiGo, which has a home market share of greater than 60 per cent.
In the meantime, Morgan Stanley Asia (Singapore) Pte acquired 21 lakh shares, amounting to a 0.5 per cent in InterGlobe Aviation, as per the majority deal information.
The shares have been bought at a median value of Rs 3,015.10 apiece, taking the deal measurement to Rs 633.17 crore.
Particulars of the opposite consumers couldn’t be ascertained.
On the finish of December 2023, promoters and promoter group entities held 63.13 per cent stake in InterGlobe Aviation.
Gangwal had a 11.72 per cent stake whereas the Chinkerpoo Household Belief, whose trustees are Shobha Gangwal and JP Morgan Belief Firm of Delaware, owned 13.49 per cent shareholding in InterGlobe Aviation.
Bhatia and InterGlobe Enterprises owned a mixed 37.92 per cent stake within the firm, as per BSE information.
Since February 2022, Gangwal and his spouse Shobha Gangwal have been offloading IndiGo shares.
In August 2023, Shobha Gangwal offered a virtually 2.9 per cent stake within the firm for just a little over Rs 2,800 crore.
Previous to that in February 2023, Shobha Gangwal divested a 4 per cent stake within the firm for Rs 2,944 crore.
In September 2022, Rakesh Gangwal and Shobha Gangwal offered a 2.74 per cent shareholding for Rs 2,005 crore.
Amid variations with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of administrators of InterGlobe Aviation and had additionally stated that he would progressively scale back his fairness stake within the airline over the following 5 years.
