Indigo: Indigo promoter Shobha Gangwal sold 2.9% stake in the open market, deal worth Rs 2801 crore.

As per data available on BSE, 3,841,121 shares were sold at Rs 2,426.21 per share while 3,841,120 shares were sold in two tranches at Rs 2,440.92 and Rs 2,427.09 respectively. In all, the value of these shares is Rs 2,801.79 crore. About 2.9 per cent stake in the company has been sold by Shobha Gangwal.

The shares of the company were sold at a discount to Rs 2,457.60 at the time of closing of the market on BSE. Rakesh Gangwal and his wife Shobha Gangwal held 13.23 per cent and 2.99 per cent stake, respectively, in the company at the end of the June quarter. The Chinkarpoo Family Trust, whose trustee is Shobha Gangwal, and JP Morgan Trust Company of Delaware hold 13.50 per cent stake.

This is the third time in less than a year that Rakesh Gangwal and related entities have sold shares of InterGlobe Aviation. In February this year, Shobha Gangwal sold 4 per cent stake in the company for Rs 2,944 crore. Earlier in September last year, Rakesh Gangwal and Shobha Gangwal had sold 2.74 per cent stake for Rs 2,005 crore.

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

The tussle between the two promoters, Bhatia and Gangwal, became public after Gangwal wrote to markets regulator Sebi in July 2019, seeking its intervention to plug alleged lapses in the company’s governance. The promoters and promoter groups together held 67.77 per cent stake in the company at the end of June this year, according to data available with the Bombay Stock Exchange.