Rakesh Gangwal sells 5 8 per cent stake in IndiGo newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
Rakesh Gangwal, his wife Shobha Gangwal, and their family trust, all members of the promoter group, owned approximately 34% of the airline in December 2022.
The stake sale is part of Gangwals decision to trim his shareholding, a decision announced in February 2022 after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.
A total of 2.25 crore shares of InterGlobe Aviation were sold in three tranches, with the price ranging from Rs 3,015.10 to Rs 3,016.36 apiece, according to bulk deal data on the BSE
Gangwal, the co-founder of Indias largest carrier, had said that he would gradually reduce the holdings in the company after stepping down from the board in February 2022. Shobha Gangwal has completely exited the airline.