Rakesh Gangwal likely to sell shares in IndiGo

InterGlobe Aviation’s (IndiGo) promoter Rakesh Gangwal. File

“InterGlobe Aviation’s promoter Rakesh Gangwal is likely to sell more than a 3% stake in the company through open market transactions,” according to sources. The company is the parent of the country’s largest airline IndiGo.

As of December 2023, promoters’ of InterGlobe Aviation owned a 63.13% stake in the company and Mr. Gangwal had an 11.72% shareholding.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delaware, owned a 13.49% stake, as per the shareholding data on the BSE. Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company.

As per the sources, shares amounting to more than 3% stake are likely to be sold at a discount to Thursday’s (March 7) closing price of ₹3,101.55 per share. The scrip closed with a gain of 1% after touching an intra-day high of ₹3,128.95.

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