IndiGo Airlines co-promoter Rakesh Gangwal and his wife on Thursday disposed of 2.74 per cent stake in parent company InterGlobe Aviation for ₹2,005 crore through open market transactions.
Mr Gangwal stepped down from the company’s board in February 2022, saying he would gradually reduce his ownership stake over the next five years.
Mr. Gangwal co-founded low-cost carrier IndiGo Airlines with Rahul Bhatia.
According to bulk trade data available on the National Stock Exchange (NSE), Mr Gangwal and his wife Shobha Gangwal sold a total of 1.05 million shares, representing a 2.74 per cent stake in the company.
The shares were traded in a range of ₹1,886.47 to ₹1,901.34 apiece, valuing the transaction at ₹2,004.77 crore.
In the June quarter, Mr Gangwal and his family owned a 36.61 per cent stake in the low-cost carrier, with him and his wife holding 14.6 per cent and 8.39 per cent respectively, while the rest is held by the Chinkerpoo Family Trust, shareholding data showed on stock exchange.
Mr. Bhatia and his related entities own nearly 38 percent in InterGlobe Aviation.
Shares of Interglobe Aviation closed 1.56 percent lower at ₹1,946.90 on the NSE.
Interglobe Aviation is engaged in the provision of domestic and international air transport services under the name “Indigo”.