Rakesh Gangwal buys Southwest Airlines shares worth $108 million

New Delhi: Rakesh Gangwal, co-founder of IndiGo, has acquired 3.6 million shares of American carrier Southwest Airlines for $108 million.

An aviation industry veteran, Gangwal joined Southwest in July this year amid Elliott Investment Management, one of the airline's largest shareholders, seeking sweeping changes at the carrier.

According to seven filings made by Southwest to the US Securities and Exchange Commission (SEC), Gangwal has purchased 3.6 million shares of the airline through multiple transactions, with prices ranging between $29-30 apiece.

Together, the shares are worth around $108 million and the transactions were done on September 30 and October 1, as per the filings.

Meanwhile, Gangwal has been trimming his stake in IndiGo, following a fallout with the airline's co-founder Rahul Bhatia.

In August, Gangwal and his family trust sold a total of 5.83 per cent stake in the carrier for about Rs 10,500 crore.

After the share sale, Gangwal's stake in InterGlobe Aviation -- parent of IndiGo -- came down to 5.31 per cent from 5.89 per cent while that of Chinkerpoo Family Trust reduced to 8.24 per cent from 13.49 per cent.

The combined shareholding of Gangwal and Chinkerpoo Family Trust has fallen to 13.55 per cent from 19.38 per cent.

Amid differences with Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation, saying he would gradually reduce his equity stake in the airline over the next five years.