Rakesh Gangwal's wife pares 4 pc stake in IndiGo for Rs 2,944 cr

Shobha Gangwal, wife of IndiGo co-founder Rakesh Gangwal, on Thursday divested a 4 per cent stake in parent firm InterGlobe Aviation for Rs 2,944 crore through the open market transactions.

InterGlobe Aviation is engaged in the business of providing domestic and international air transport services under the name 'Indigo'.

Rakesh Gangwal along with Rahul Bhatia co-founded low-cost carrier IndiGo airline.

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Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.

According to the bulk deal data available with the BSE, Shobha Gangwal offloaded a total of 1.56 crore equity shares in three tranches, amounting to 4.04 per cent stake in the company.

The shares were sold in the range of Rs 1,885.72-Rs 1,889.19 per share, taking the aggregate value at Rs 2,943.82 crore.

Post the latest transaction, Shobha Gangwal's shareholding has reduced to 3 per cent from 7.04 per cent stake in the company.

As of December quarter, Shobha Gangwal held 7.04 per cent, Rakesh Gangwal owned 13.23 per cent and their Chinkerpoo Family Trust had 13.50 per cent stake in the company, shareholding data with the bourse showed.

Last year in September, the Gangwals had offloaded a 2.74 per cent stake in the company.

On Thursday, shares of InterGlobe Aviation settled 4.46 per cent lower at Rs 1,897.55 apiece on the BSE.