NEW DELHI: IndiGo co-founder Rakesh Gangwal on Monday sold a 5.8% stake in InterGlobe Aviation Ltd, the parent company of India’s largest airline. According to the BSE data, Gangwal sold 2.25 crore shares worth Rs 6,785 crore in InterGlobe Aviation at an average price of Rs 3,015 per share.
Morgan Stanley Asia bought 21 lakh shares of InterGlobe Aviation at Rs 3,015.10 apiece, showed BSE data. Following this transaction, Gangwal’s personal stake in IndiGo has come down to 6%. The Chinkerpoo Family Trust where Rakesh Gangwal’s wife Shobha Gangwal is a trustee holds another 13.49%.
This is the fourth time in the past two years when Gangwal has reduced his stake in the airline. The fresh stake sale by Gangwal comes as IndiGo shares have been in high demand on the exchanges. Shares of InterGlobe Aviation ended 3.63% up at 3214.25 apiece at BSE on Monday.
Gangwal & family, after ending a long dispute with co-founder Rahul Bhatia last year, sold a 2.75% stake in the airline in September 2022 for about Rs 2,000 crore. Then they sold 4.17% stake worth Rs 2,900 crore in February 2023. Gangwal had resigned from IndiGo’s board in February 2022 and announced he would cut his stake in the airline over five years.