In two separate regulatory filings, Rakesh Gangwal sold 2.25 lakh shares in InterGlobe Aviation while Chinkarpu Family Trust disposed of over 2.02 lakh shares in the airline.
Following the share sale, Gangwal’s stake in InterGlobe Aviation fell to 5.31% from 5.89%, while his stake in Chinkarpu Family Trust fell to 8.24% from 13.49%, according to the filing.
Also, the combined shareholding of Gangwal and Chinkarpu Family Trust has reduced to 13.55 per cent from 19.38 per cent.
Gangwal’s family trust sold a 5.24 percent stake in the airline for 9,549 crore in three open market transactions on Thursday, according to BSE volume trading data. Prices ranged from 4,714.95 to 4,715.89 rupees a share. The transaction value of Gangwal’s individual share sales could not be ascertained on Thursday. Bhatia and InterGlobe Enterprises together held 35.91 percent, according to exchange data. Gangwal has been selling shares in the airline since February following a bitter feud with co-founder Rahul Bhatia over corporate governance issues.
Gangwal had sold his stake in IndiGo in March. Since February 2022, he and his wife Shobha Gangwal have sold their shares in the airline.
In August 2023, Shobha Gangwal sold about 2.9% stake in the company for a little over Rs 2,800 crore.
In February 2023, Shobha Gangwal sold 4% stake in the company for Rs 2,944 crore.
In September 2022, Rakesh Gangwal and Shobha Gangwal sold their 2.74% stake for Rs 2,005 crore.
Amid continuing differences with co-founder Bhatia, Gangwal stepped down from InterGlobe Aviation’s board of directors in February 2022 and said he would gradually reduce his stake in the airline over the next five years.
IndiGo is India’s largest airline with a 62% domestic market share and is expanding internationally. The low-cost carrier is set to introduce business class seats in November and will introduce wide-body aircraft from 2027.
On Friday, InterGlobe Aviation shares closed 1.48 per cent higher at Rs 4,829.20 per share on the BSE.
