IndiGo’s Shobha Gangwal sells shares worth Rs 2,801 cr

NEW DELHI: InterGlobe Aviation’s promoter Shobha Gangwal on Wednesday sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore through open market transactions.

Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country’s largest airline IndiGo.

The shares were sold in three bulk deal transactions. As many as 3,841,121 shares were sold at a price of Rs 2,426.21 apiece, while 3,841,120 shares were offloaded twice at prices of Rs 2,440.92 and Rs 2,427.09, respectively, as per data available on the BSE.

Together, the shares are worth Rs 2,801.79 crore.

The total number of shares offloaded translates to around 2.9 per cent stake.

The shares were sold at a discount compared to Wednesday’s closing price of Rs 2,457.60 apiece on the BSE.

At the end of the June quarter, Rakesh Gangwal and his wife Shobha Gangwal had 13.23 per cent and 2.99 per cent stakes, respectively, in the company.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delaware, owned 13.50 per cent shareholding.

This is the third time in less than one year that Rakesh Gangwal and related entities have offloaded shares of InterGlobe Aviation. In February this year, Shobha Gangwal divested a 4 per cent stake in the company for Rs 2,944 crore. Prior to that, in September last year, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore.

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

The feud between the two promoters - Bhatia and Gangwal - came into the public domain after Gangwal had written to market regulator Sebi in July 2019 and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.

Promoter and promoter group together had a 67.77 per cent stake in the company at the end of June this year, as per data available on BSE.