Rakesh Gangwal, family trust offload 5.72% stake in IndiGo worth Rs 11,564 crore

IndiGo operator InterGlobe Aviation promoter Rakesh Gangwal and the Chinkerpoo Family Trust reduced their stake by 5.72 per cent in the airlines through open market transactions, garnering Rs 11,564 crore. The bulk deal data on NSE showed that Gangwal and the trust, managed by Shobha Gangwal and JP Morgan Trust Company of Delaware, divested 2.21 crore equity shares.Rakesh Gangwal individually sold 22.10 lakh shares, equivalent to 0.6 per cent stake. The Chinkerpoo Family Trust separately sold nearly 1.99 crore shares across three transactions, representing 5.15 per cent ownership in the Gurugram-based company.The shares were sold between Rs 5,230.99-5,235.31 per share, totalling Rs 11,563.79 crore. Following these transactions, Gangwal’s holding decreased to 4.7 per cent from 5.30 per cent, whilst the trust’s stake reduced to 3.08 per cent from 8.23 per cent in IndiGo.The combined ownership of Gangwal and Family Trust has now decreased to 7.81 per cent from 13.53 per cent. Meanwhile, co-founder Rahul Bhatia, his family, and InterGlobe Enterprises collectively maintain a 35.74 per cent stake.The NSE data did not reveal the identities of the share purchasers. The company’s shares closed at Rs 5,307 on Tuesday, declining by 2.08 per cent.Previously in August 2024, the family trust sold 5.24 per cent stake for Rs 9,549 crore, following earlier sales in March. This divestment aligns with Gangwal’s February 2022 decision to reduce shareholding after disagreements with Rahul Bhatia regarding corporate governance.Since February 2022, both Gangwal and Shobha Gangwal have been selling their holdings. Notable transactions include a September 2022 sale of 2.74 per cent stake for Rs 2,005 crore, Shobha’s February 2023 divestment of 4 per cent for Rs 2,944 crore, and her August sale of approximately 2.9 per cent for over Rs 2,800 crore.Following disputes with Bhatia, Gangwal stepped down from InterGlobe Aviation’s board in February 2022, announcing plans to gradually reduce his equity stake over five years.