Rakesh Gangwal likely to sell 3% stake in IndiGo: Reports

InterGlobe Aviation's promoter Rakesh Gangwal will likely sell more than a 3 per cent stake in the parent company of the country's largest airline IndiGo through open market transactions, according to reports.

As of December 2023, promoters' of InterGlobe Aviation owned a 63.13 per cent stake in the company and Gangwal had an 11.72 per cent shareholding.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delaware, owned a 13.49 per cent stake, as per the shareholding data on the BSE.

Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company.

As per PTI sources, shares amounting to more than 3 per cent stake are likely to be sold at a discount to Thursday's closing price of Rs 3,101.55 apiece. The scrip closed with a gain of 1 per cent after touching an intra-day high of Rs 3,128.95.

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

Gangwal invests $20 mn in Zetwerk 

Unicorn startup Zetwerk received USD 20 million (about Rs 165 crore) investment from Gangwal. He is the last investor in the ongoing funding round of Zetwerk at USD 2.8 billion enterprise value.

"We are delighted to share that Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," Zetwerk said in a statement.

The company has raised USD 650 million to date, including the recent investment from Gangwal.

Zetwerk has posted a nearly six-fold jump in revenue to Rs 4,961 crore during 2021-22, mainly on account of companies looking for an alternate destination to China to make their products.

The company's revenue more than doubled to Rs 11,448 crore in the financial year 2023.

(With Agency Inputs)