New Delhi: InterGlobe Aviation promoter Rakesh Gangwal's family trust on Thursday sold a 5.24 per cent stake in the airline for Rs 9,549 crore through open market transactions. The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.
Over 2.02 crore shares of InterGlobe Aviation were sold by the Chinkerpoo Family Trust in three tranches in a price range of Rs 4,714.95-4,715.89 per scrip, according to bulk deal data on BSE. This took the combined transaction value to Rs 9,548.95 crore. The scrip closed with a discount of 2.06 per cent against the benchmark Sensex ending in the green territory.
InterGlobe Aviation is the parent of no-frills carrier IndiGo, which has a domestic market share of more than 60 per cent. Meanwhile, Morgan Stanley Asia (Singapore) Pte picked up 28.54 lakh shares or a 0.74 per cent stake in InterGlobe Aviation, as per the data on the BSE. The shares were bought at an average price of Rs 4,714.90 apiece, taking the deal size to Rs 1,345.63 crore.
Details of the other buyers could not be ascertained. At the end of the June quarter, promoter and promoter group entities held a 55.29 per cent stake in InterGlobe Aviation. Gangwal held a 5.89 per cent stake in the airline, while the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, owned 13.49 per cent shareholding.
Bhatia and InterGlobe Enterprises owned a combined 35.91 per cent stake in the company, as per the data. This is the second time this year that Gangwal has sold shares of IndiGo in March. Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading IndiGo shares. In August 2023, Shobha Gangwal sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore.
In February 2023, Shobha Gangwal divested a 4 per cent stake in the company for Rs 2,944 crore. In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore. Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation and also said that he would gradually reduce his equity stake in the airline over the next five years.
