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Rakesh Gangwal sells 5.8% stake in IndiGo; raising INR 6,785cr

IndiGo co-founder Rakesh Gangwal sells 5.8% stake in airline via bulk deal, raises INR 6,785 crore.

IndiGo co-founder Rakesh Gangwal has sold a 5.8 per cent stake in operator Interglobe Aviation via a bulk deal, according to BSE data. Morgan Stanley bought 2.1 million shares in IndiGo.

According to the corporate announcement by the firm, Gangwal raised INR 6,785 crore by selling 2,25,00,000 shares at an average price of INR 3,016 a share. Morgan Stanley Asia Singapore Pte bought 21,00,000 shares of the aviation company, representing a 0.5% stake, for INR 633 crore.

The shares were sold in three tranches, with the price per scrip varying from INR 3,015.10 to INR 3,016.36.
After this transaction, Gangwal’s stake in the firm has further reduced to 6 per cent, bringing down the promoter group’s holding in InterGlobe Aviation to 57.3 per cent.

This is the fourth time in the past two years that Gangwal has offloaded his stake via a block sale of his Indigo shares.
Earlier, it was reported that Gangwal was looking to sell his stocks in InterGlobe Aviation Ltd and mulling raising USD 795 million.

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