Rakesh Gangwal’s family trust sells 1.3% stake in IndiGo for Rs 2,933 cr via open market transactions

New Delhi: IndiGo promoter Rakesh Gangwal’s family trust on Thursday sold a 1.3 per cent stake in the country’s largest airline for Rs 2,933 crore through open market transactions, cumulatively offloading shares worth Rs 14,497 crore so far this year.

With the latest sale, the cumulative divestment by Rakesh Gangwal, along with his wife Shobha Gangwal and their family trust — the Chinkerpoo Family Trust — stood at Rs 39,532.79 crore, translating to around $4.51 billion.

Since 2022, Gangwals and their family trust have offloaded a 28.32 per cent stake in IndiGo, according to an analysis by PTI.

InterGlobe Aviation, which commands substantial valuation in the stock market, operates IndiGo, which accounts for over 65 per cent of the total domestic air traffic.

Following a bitter fallout with co-promoter and co-founder Rahul Bhatia, Gangwal, in 2022, announced that he will gradual sell stake in the airline in a phased manner. According to the bulk deal data available on the NSE on Thursday, the Chinkerpoo Family Trust offloaded a total of 50.40 lakh shares in two tranches representing a 1.3 per cent stake in Gurugram-based InterGlobe Aviation. The shares were disposed of in the price range of Rs 5,814.71-5,825.72 apiece, taking the combined deal value to Rs 2,933.39 crore.

After the stake sale in IndiGo, the holding of the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has come down to 1.78 per cent from 3.08 per cent.

Also, the combined shareholding of Gangwals and Family Trust in IndiGo has declined to 6.51 per cent from 7.81 per cent. Details of the buyers of InterGlobe Aviation’s shares could not be ascertained on the exchange.