Rakesh Gangwal's Wife Pares 4% Stake In IndiGo For Rs 2,944 Crore

Shobha Gangwal, wife of IndiGo co-founder Rakesh Gangwal, on Thursday divested a 4% stake in parent firm InterGlobe Aviation for Rs 2,944 crore through open market transactions.

InterGlobe Aviation is engaged in the business of providing domestic and international air transport services under the name 'Indigo'.

Rakesh Gangwal, along with Rahul Bhatia, co-founded low-cost carrier IndiGo airline.

Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.

According to the bulk deal data available with the BSE, Shobha Gangwal offloaded a total of 1.56 crore equity shares in three tranches, amounting to 4.04% stake in the company.

The shares were sold in the range of Rs 1,885.72-Rs 1,889.19 per share, taking the aggregate value to Rs 2,943.82 crore.

Post the latest transaction, Shobha Gangwal's shareholding has reduced to 3% from 7.04% stake in the company.

As of December quarter, Shobha Gangwal held 7.04%, Rakesh Gangwal owned 13.23% and their Chinkerpoo Family Trust had 13.50% stake in the company, shareholding data with the bourse showed.

Last year in September, the Gangwals had offloaded a 2.74% stake in the company.

On Thursday, shares of InterGlobe Aviation settled 4.46% lower at Rs 1,897.55 apiece on the BSE.