12 March 2024 – On Monday, for a price of Rs 6,785 crore, co-founder and promoter of IndiGo, the biggest airline in the nation, Rakesh Gangwal, sold 5.83% of the company. The equity sale is a component of Gangwal’s plan to reduce his ownership position, which was made public in February 2022 after a savage argument about purported corporate governance problems with co-founder Rahul Bhatia.
IndiGo is a low-cost airline with a domestic market share of over 60%. InterGlobe Aviation owns it. The shares were offloaded at a discount compared to the company’s closing price of Rs 3,214.25 per share on the BSE. The benchmark Sensex finished down, while the stock concluded the day with a gain of 3.63%. According to the bulk transaction data, Morgan Stanley Asia (Singapore) Pte purchased 21 lakh shares, or 0.5%, of InterGlobe Aviation in the meantime. The transaction value increased to Rs 633.17 crore when the shares were acquired at an average price of Rs 3,015.10 per.
Conclusion
According to BSE statistics, Bhatia and InterGlobe Enterprises together owned 37.92% of the firm. Gangwal and his spouse, Shobha Gangwal, have been selling their IndiGo shares since February 2022. Shobha Gangwal sold around 2.9% of the firm in August 2023 for little more than Rs 2,800 crore. In February 2023, Shobha Gangwal paid Rs 2,944 crore to sell a 4% share in the business.
