One of the founders of IndiGo Airlines (6E, Delhi International) has sold down his stake by 5.8% in a series of open market transactions that netted him INR67.85 billion rupees (USD820 million), according to India-based news outlets.
Rakesh Gangwal sold 22.5 million shares in IndiGo's parent company, InterGlobe Aviation Ltd, on March 11 in three tranches, with the script price varying between INR3,015.10 (USD36.43) and INR3,016.36 (USD36.45). Among the buyers was Morgan Stanley Asia Singapore Pte, which acquired 2.1 million shares, securing a 0.5% stake in the LCC.
In February, ch-aviation reported that Gangwal was looking to sell a large block of shares after a 150-day share trade embargo expired. In early 2022, he resigned from InterGlobe's board and said he and his family would offload their 37%-plus stake over five years. Since then, he and his immediate family have whittled down their holdings. After this week's sale, the family's shareholding has reduced to 19.4%. The transactions also triggered another 150-day share trade embargo.
The latest share sales coincide with InterGlobe Aviation's stock price reaching 12-month highs on the Bombay Stock Exchange. IndiGo flies to 116 destinations in 23 countries with a fleet of 366 aircraft. According to ch-aviation fleets data, it has another 947 aircraft on order. IndiGo is India's largest airline measured by weekly seat capacity, commanding an over 52% market share across domestic and international services.
