New Delhi: The shares of InterGlobe Aviation, the parent of IndiGo, are in focus on Tuesday amid reports that promoter Rakesh Gangwal and his family trust have offloaded sold a stake in the airline. At the time of writing this article, IndiGo shares were trading nearly 2 percent down at Rs 5,313.50 apiece.
PTI quoted sources saying that Gangwal and his family trust offloaded sold a 5.7 per cent stake in IndiGo for about Rs 11,385 crore (USD 1.33 billion) through a block deal. The sources further revealed that not only Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, also divested its stake in IndiGo.
According to sources, Morgan Stanley India Company, JP Morgan India and Goldman Sachs (India) Securities Pvt Ltd, are the placement agents for the stake sale.
Prior to stake sale, Gangwal and the family trust together owned about 13.5 per cent in IndiGo. OTI reported that up to 2.2 crore equity shares were offloaded at a floor price of Rs 5,175 per share.
Earlier in August 2024, Rakesh Gangwal’s family trust had offloaded a 5.24 per cent stake in the airline for Rs 9,549 crore. Gangwal had also sold shares of IndiGo in March 2024.
Following a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues, Gangwal, in 2022, had taken the decision to trim his shareholding.
IndiGo Q4 2024-25 Results
In its 2024-25 financial results, IndiGo reported a strong demand for air travel which helped it record a healthy net profit of Rs 72,584 million. The company announced a dividend of Rs 10 per share, subject to shareholder approval at the upcoming AGM.
In January-March quarter, InterGlobe Aviation reported a total income of Rs 230,975 million, an increase of 24.8 percent over the same period last year.
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InterGlobe Aviation promoter Rakesh Gangwal, family trust sold 5.7 percent stake in IndiGo for Rs 11,385 crore. The IndiGo share price declined following the stake sale news. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
