The shares of InterGlobe Aviation, which operates Indigo Airlines nosedived 3 per cent to Rs 4,754.45 at 2:26 pm on Thursday followed by the sale of 2.3 crore shares by the company’s co-founder Rakesh Gangwal. Gangwal sold shares worth Rs 11,000 crore in a large block deal.
Nearly 19.38 and 5.89 per cent of the stakes were held by Gangwal-backed promoter, and the billionaire co-founder, respectively, in the company, at the end of the June quarter.
By selling shares, Gangwal is likely to exit InterGlobe Aviation, which operates IndiGo Airlines. The company was co-founded by Rakesh Gangwal and Rahul Bhatia in 2006.
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Nearly 62 per cent and 16.9 per cent shares of InterGlobe Aviation Ltd are held by Indian and international share market, respectively. The two founders fell apart after more than 10 years of partnership in 2019.
This isn’t the first move by Gangwal in reducing his stakes in the company. In fact, Gangwal and his associates have been cutting down their stake in the company after Gangwal resigned from the board as a non-executive, non-independent director of the company in February 2022.
“I have been a shareholder in the company for more than 15 years and it’s only natural to someday think about diversifying one’s holdings,” the co-founder said in his letter of resignation.
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Consequently, Gangwal and his family sold a 2.8 per cent stake in Indigo for Rs 2,000 crore. Then in February 2023, another 4 per cent stake was sold for Rs 2,900 crore. Shobha Gangwal, wife of the co-founder sold the complete 3 per cent stake held by her for Rs2,801.8 crore in a bulk deal.
Similarly, the co-founder backed promoter group’s stake has come down from 36.7 per cent in 2019 to 19.38 per cent in June 2024.
