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.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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.