IndiGo promoter Shobha Gangwal sells shares worth ₹2,801 crore
At least 3,841,121 shares were sold at a price of ₹2,426.21 apiece, while 3,841,120 shares were offloaded twice at prices of ₹2,440.92 and ₹2,427.09 respectively
Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of InterGlobe Aviation, which is the parent company of IndiGo.
The shares were reportedly sold in three bulk deal transactions. At least 3,841,121 shares were sold at a price of ₹2,426.21 apiece, while 3,841,120 shares were offloaded twice at prices of ₹2,440.92 and ₹2,427.09, respectively, as per data available on the BSE.
Together, the shares are worth ₹2,801.79 crore.
The total number of shares offloaded translates to around 2.9 per cent stake.
The shares were sold at a discount compared to Wednesday's closing price of ₹2,457.60 apiece on the BSE.
Rakesh and Shobha had 13.23 per cent and 2.99 per cent stakes, respectively, in the company at the end of the June quarter.
The Chinkerpoo Family Trust, whose trustee is Shobha and JP Morgan Trust Company of Delaware, owned 13.50 per cent shareholding.
This is the third time in less than one year that Rakesh and related entities have offloaded shares of InterGlobe Aviation.
In February this year, Shobha divested a 4 per cent stake in the company for ₹2,944 crore. Prior to that, in September last year, Rakesh and Shobha sold a 2.74 per cent shareholding for ₹2,005 crore.
Amid differences with co-founder Rahul Bhatia, Rakesh, in February 2022, resigned from the board of directors of InterGlobe Aviation and also said that he will gradually reduce his equity stake in the airline over the next five years.
The feud between the two promoters – Bhatia and Rakesh – came into the public domain after the latter wrote to market regulator Sebi in July 2019 and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.
Promoter and promoter group together had a 67.77 per cent stake in the company at the end of June this year, as per data available on BSE.
(With inputs from agencies)
