IndiGo: Co-founder Rakesh Gangwal's family likely to sell stake worth up to Rs 7,500 crore
The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline's parent InterGlobe Aviation Ltd, worth upto 75 billion rupees ($909.58 million), CNBC Awaaz said in a report, citing sources.
The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5 per cent - 8 per cent stake in the Indian airline's parent InterGlobe Aviation Ltd, worth up to 75 billion rupees ($909.58 million), CNBC Awaaz said in a report, citing sources.
Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23 per cent and 2.99 per cent, respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5 per cent stake, according to exchange data.
The Gangwal family will likely sell stakes in block deals when the lock-in for shares opens on July 15, the report said. Shobha Gangwal had cut her stake in the company by over 4 per cent in February.
Interglobe Aviation and a representative for the Gangwal family did not immediately respond to Reuters' request for comment. Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years.
Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association. Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report. ($1 = 82.4560 Indian rupees)
INDIGO SHARE PRICE
Shares of InterGlobe Aviation slipped over 3 per cent during the trade on Monday. At the time of writing this news, the stock was trading 2.79 per cent lower at Rs 2,393.10 on the BSE. In comparison, the S&P BSE Sensex was trading 139 points, or 0.22 per cent higher at 62,764.29 levels.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
03:46 PM IST