Rakesh Gangwal Reduces IndiGo Stake Amid Ongoing Dispute
InterGlobe Aviation promoter Rakesh Gangwal, alongside his family trust, sold a 5.72% stake in IndiGo, raising approximately Rs 11,564 crore. This move is part of a planned reduction in his shareholding following a fallout with co-founder Rahul Bhatia over corporate governance issues. This transaction further reduces the Gangwal family's stake in India's largest airline.
- Country:
- India
In a significant financial maneuver, Rakesh Gangwal, a key promoter of InterGlobe Aviation, has reduced his stake in India's largest airline, IndiGo, by 5.72%, amassing Rs 11,564 crore through open market transactions.
The latest divestment includes the sale of 2.21 crore shares orchestrated by Gangwal and his family trust, the Chinkerpoo Family Trust, marking a continuation of Gangwal's strategy to decrease his holdings following internal conflicts.
Gangwal's calculated divestment comes amid a prolonged dispute with co-founder Rahul Bhatia over governance issues, and his resignation from the board in 2022 underscores the depth of this corporate rift.
(With inputs from agencies.)
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