“IndiGo’s Promoter Shobha Gangwal Offloads Nearly 2.9% Stake Worth ₹2,801 Crore”
IndiGo’s promoter, Shobha Gangwal, has offloaded nearly 2.9% stake in InterGlobe Aviation, the parent company of India’s largest airline IndiGo, through open market transactions.
Shobha Gangwal, a key promoter of InterGlobe Aviation, the parent company of IndiGo, has successfully sold a significant portion of her stake, amounting to around ₹2,801 crore, through open market transactions. She is the wife of Rakesh Gangwal, the co-founder of the company. This sale represents her third instance of divestment within a year.
The shares were sold in three bulk deals, totaling 3,841,121 shares. The transaction involved 3,841,121 shares being sold at ₹2,426.21 per share, and two separate sales of 3,841,120 shares each at prices of ₹2,440.92 and ₹2,427.09, as per the information available from the Bombay Stock Exchange (BSE). This cumulative sale represents a nearly 2.9% stake in the company.
Interestingly, the sale occurred at a price lower than the closing price of ₹2,457.60 per share on the BSE at the time of the sale.
At the end of the June quarter, Rakesh Gangwal and Shobha Gangwal collectively held 13.23% and 2.99% stakes, respectively, in InterGlobe Aviation. The Chinkerpoo Family Trust, which is overseen by Shobha Gangwal, along with JP Morgan Trust Company of Delaware, owned 13.50% of the shareholding.
This series of divestments is not the first time that the Gangwal family has offloaded their shares. In February of the current year, Shobha Gangwal had sold a 4% stake in the company for ₹2,944 crore. Prior to that, in September of the previous year, Rakesh Gangwal and Shobha Gangwal had sold a 2.74% shareholding for ₹2,005 crore.
These developments come amidst the backdrop of disagreements between co-founders Rakesh Gangwal and Rahul Bhatia. Rakesh Gangwal’s resignation from the board of directors in February 2022 and his announcement to gradually reduce his equity stake over the next five years underscored these differences. The public spat first emerged when Gangwal had approached market regulator SEBI in July 2019, alleging corporate governance lapses at the company, a claim that was disputed by the Bhatia group.
As of the end of June this year, the promoter and promoter group together held a combined 67.77% stake in InterGlobe Aviation, according to BSE data.
Sources By Agencies
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