Gangwal’s family trust sells 5.24% stake worth Rs 9,549 cr in IndiGo

new delhi: InterGlobe Aviation promoter Rakesh Gangwal’s family trust on Thursday sold a 5.24 per cent stake in the airline for Rs 9,549 crore through open

market transactions.

The share sale is part of Gangwal’s decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate

governance issues.

Over 2.02 crore shares of InterGlobe Aviation were sold by the Chinkerpoo Family Trust in three tranches in a price range of Rs 4,714.95-4,715.89 per scrip, according to bulk deal data on BSE.

This took the combined transaction value to Rs 9,548.95 crore. The scrip closed with a discount of 2.06 per cent against the benchmark Sensex ending in the green territory.

InterGlobe Aviation is the parent of no-frills carrier IndiGo, which has a domestic market share of more

than 60 per cent. Meanwhile, Morgan Stanley Asia (Singapore) Pte picked up 28.54 lakh shares or a 0.74 per cent stake in InterGlobe Aviation, as per the

data on the BSE.

The shares were bought at an average price of Rs 4,714.90 apiece, taking the deal size to Rs 1,345.63 crore. Details of the other buyers could

not be ascertained.