IndiGo's High-Flying Divestment: Gangwal Family Trims Stake Amid Market Moves
Rakesh Gangwal's family trust sold a 1.3% stake in IndiGo, India’s largest airline, for Rs 2,933 crore. This sale adds to their cumulative divestment of Rs 39,532.79 crore since 2022. Ongoing share sales follow a corporate dispute, with total family stake now reduced to 6.51%.
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- India
In a significant financial transaction, Rakesh Gangwal's Chinkerpoo Family Trust has offloaded a 1.3% stake in IndiGo, India's largest airline by market share. This sale, executed through open market transactions, netted Rs 2,933 crore and marks a crucial step in the family's planned divestment strategy.
The latest sale is part of a broader plan initiated in 2022, following a fallout between Gangwal and co-founder Rahul Bhatia. The family trust has cumulatively divested shares worth Rs 39,532.79 crore, with the total family holding in the airline now reduced to 6.51% from its previous 7.81%.
The airline, operated by InterGlobe Aviation, holds a dominant position in India's domestic aviation market with a 65% share. After the latest share sale, IndiGo's stock saw a decline, closing down 5.22% on the NSE, while the market speculates on potential buyers involved in these transactions.
(With inputs from agencies.)
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