TBM Staff - Mumbai Rakesh Gangwal’s family, the Co-Founder of IndiGo, is planning to sell a stake between 5-8 per cent worth around INR 7,500 crore in the Indian airline’s parent company InterGlobe Aviation Ltd.
According to exchange data, Gangwal and his wife, Shobha Gangwal, hold 13.23 per cent and 2.99 per cent respectively in InterGlobe as of 31 March. Their Chinkerpoo Family Trust holds a 13.5 per cent stake in the company.
The Gangwal family will likely sell stakes in block deals after the lock-in for shares opens on 15 July, CNBC Awaaz reported citing sources.
In February, Shobha Gangwal had slashed her stake by over 4 per cent in InterGlobe Aviation for INR 2,944 crore through open market transactions. With this divestment, her stake in the parent company came down from 7.04 per cent to 2.99 per cent.
Rakesh Gangwal resigned from the company’s board in February 2022. The co-founder had said that he would reduce his stake in the airline over five years.
IndiGo Airlines was co-founded by Rakesh Gangwal and Rahul Bhatia in 2006. Gangwal resigned from the company’s board in February 2022.
