IndiGo block deal: Co-founder Rakesh Gangwal's wife offloads nearly 4% stake; shares tumble

IndiGo Share News, IndiGo Share Price: Shares of InterGlobe Aviation which owns IndiGo Airlines cracked more than 4 per cent in early morning trade on Thursday on account of a block deal. The scrip quoted at Rs 1,897 apiece on NSE, down nearly 4.50 per cent from the previous close of Rs 1,986.05.

According to details available, as many as 1.7 crore shares changed hands. A Reuters report said that Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, offloaded around 4 per cent stake in InterGlobe Aviation for around Rs 2930 crore through a block deal. The offer floor price for the sale by Shobha Gangwal was set at Rs 1,875 per share -- a discount of 5.6 per cent from Wednesday's closing, the report said.

Shobha Gangwal held 7.04 per cent stake in the company before today's block deal, the report said. While Rakesh Gangwal holds 13.23 per cent in the airline, their Chinkerpoo Family Trust holds a 13.50 per cent stake.

The Gangwals sold a 2.75 per cent stake in September last year, seven months after Rakesh Gangwal resigned from the company's board and said he would cut his stake in the airline over five years.

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. Bhatia and his family entities own about 37.8 per cent of IndiGo.

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