BENGALURU:
IndiGo
co-founder
Rakesh
Gangwal sold a 5.8%
stake
worth $820 million (about Rs 6,785 crore) in the airline via bulk deals on Monday. Gangwal, who held a 11.7% stake in IndiGo as of Dec-end, sold 22.5 million
shares
at a price between Rs 3,015 and Rs 3,016 per share, according to stock exchange data.
Morgan Stanley bought 2.1 million shares, the data showed. It did not mention the details of the other buyers. It is not immediately clear how much
Gangwal
holds in the company after the latest stake sale.
Gangwal and his wife Rekha have been reducing their shareholding in the company over the last two years, with the latter completely exiting the airline last August. Their Chinkerpoo Family Trust, however, still holds a 13.5% stake in IndiGo as of Dec 31, and is the firm’s second-largest shareholder. In Feb 2022, Gangwal resigned from the airline’s board and said he would cut his stake in IndiGo over five years.
The company’s shares settled 3.6% higher at Rs 3,219 on Monday.