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IndiGo co-founder Rakesh Gangwal has sold 5.25 per cent stake in the airline worth about ₹9,547 crore as part of his strategy to pare stake in the airline.
According to BSE bulk deal data, Rakesh Gangwal, through The Chinkerpoo Family Trust, sold 2.025 crore shares through three transactions. The shares were offloaded (67.5 lakh shares each) between ₹4,714.95 and ₹4,715.89 range. Morgan Stanley Asia (Singapore) Pte bought 28.54 lakh shares while other buyers names were not ascertained.
- Also read: Air India, IndiGo cancel flights to Dhaka
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Pre-transaction, Gangwal held a 19.38 per cent stake in the airline. This includes a 5.89 per cent stake in individual capacity while another 13.49 per cent stake is held by the Chinkerpoo Family Trust. Post-sale, his holding in the airline is expected to reduce to 13.38 per cent.
Gangwal has been selling shares in the airline in tranches over the past couple of years. While he continues to be classified as a promoter, he had earlier stepped down from the board following differences with co-founder Rakesh Bhatia on corporate governance issues and also said that he would gradually reduce his equity stake in the airline over the next five years.
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