IndiGo Shares Decline As Gangwal Family Is Likely To Sell 5-8% Stake; Details – News18

Indigo Share Price: IndiGo co-founder Rakesh Gangwal was likely to sell between 5 per cent-8 per cent stake in the Indian airline’s parent InterGlobe Aviation Ltd, worth up to Rs 7,500 crore ($909.58 million), sources told CNBC-Awaaz on June 12.

Rakesh Gangwal, one of the co-founders of the budget airline, quit the company’s board in 2022 after a fallout with fellow founder Rakesh Bhatia.

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

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

At 12pm, the stock was quoting at Rs 2,395.05 on the NSE, lower by 2.75 per cent. The stock is up 31 per cent from March low of Rs 1,825.

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

Rakesh Gangwal resigned from the company’s board in Feb. 2022 and had said that he would cut his stake in the airline over five years.

This is a developing story. Please check back for more details