IndiGo Founder Pares Stake For Rs 6,785 Crore

IndiGo co-founder Rakesh Gangwal pared his stake in parent InterGlobe Aviation Ltd. for Rs 6,785 crore through open market transactions on Monday.

Gangwal sold 2.25 crore shares—representing 5.82% equity—in bulk deals, according to data available on BSE. The shares were offloaded at an average price of Rs 3,015.88 per share.

The billionaire had proposed to sell up to a 3.3% stake in the company, according to the term sheet seen by NDTV Profit last week.

The promoter had 11.72% shareholding in the budget carrier as of December 2023.

In 2022, Gangwal quit the carrier's board and said that he would pare his stake in the company over the next five years.

Morgan Stanley Asia Pte. invested Rs 633 crore to buy 21 lakh shares or a 0.54% stake, at Rs 3,015.10 apiece.

Foreign portfolio investors held over 18% of the company's equity.

Shares of InterGlobe Aviation closed 3.63% higher at Rs 3,214.25 apiece, compared with a 0.83% decline in the BSE Sensex.