IndiGo block deal: Rakesh Gangwal, family trust sell 5.72% stake for ₹11,564 crore

InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday trimmed their holdings by divesting a 5.72% stake in the airline for ₹11,564 crore through open market transactions.

A total of 2.21 crore equity shares or 5.72% were offloaded by Gangwal and his family trust, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, as per the bulk deal data on the NSE.

According to the data, Rakesh Gangwal sold 22.10 lakh shares or 0.6% stake in InterGlobe Aviation.

In addition, the Chinkerpoo Family Trust disposed of nearly 1.99 crore shares in three tranches, representing a 5.15% holding in Gurugram-based InterGlobe Aviation.

The shares offloaded in the price range of ₹5,230.99-5,235.31 apiece, taking the combined transaction value to ₹11,563.79 crore.

After the latest transaction, Rakesh Gangwal's holding in InterGlobe Aviation declined to 4.7% from 5.30% and the Chinkerpoo Family Trust's stake has also dipped to 3.08% from 8.23% in India's largest airline IndiGo.

Also, the combined holding of Gangwal and Family Trust stake in InterGlobe Aviation has declined to 7.81% from 13.53%.

Promoter and co-founder of IndiGo Rahul Bhatia, his family and Bhatia-led InterGlobe Enterprises owned a combined 35.74% stake in the airline.

Details of the buyers of InterGlobe Aviation's shares could not be ascertained on the National Stock Exchange (NSE).

On Tuesday, shares of InterGlobe Aviation fell 2.08 per cent to close at ₹5,307 apiece on the NSE.

In August 2024, Rakesh Gangwal's family trust sold a 5.24% stake in the airline for ₹9,549 crore. Before that, it had sold shares in March.

The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in IndiGo.

In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74% shareholding for ₹2,005 crore. In February 2023, Shobha divested a 4% stake in the company for ₹2,944 crore. Later in August, she sold a nearly 2.9% stake in the company for a little over ₹2,800 crore.

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