TBM Staff - Mumbai Rakesh Gangwal, Co-founder and Promoter of IndiGo, is set to sell a significant portion of his equity stake in InterGlobe Aviation, the parent company of IndiGo, worth up to INR 10,300 crore, according to reports.
This sale could involve offloading approximately 5.5% of the family’s total stake in the airline. The block deal is likely to be executed at an indicative price of INR 4,593 per share, representing a 5.5% discount to the previous closing price.
As of June 2024, Gangwal holds a 5.89% stake in IndiGo, while his wife, Shobha Gangwal, and JPMorgan Trust of Delaware collectively own 13.49%, bringing the total family stake to 19.38%.
This move is part of a broader plan by the Gangwal family to gradually reduce their stake in the airline. Gangwal had resigned from the board of InterGlobe Aviation in February 2022, announcing his intention to slowly divest his holdings over the next five years.
InterGlobe Aviation recently reported a net profit of INR 2,736 crore for the quarter ending June 2024, down 11.5% from INR 3,090.6 crore in the same quarter the previous year. Despite the decline, the airline surpassed market expectations, driven by a strong surge in domestic travel.
