IndiGo promoter Shobha Gangwal sells 2.9% stake worth Rs 2,801 cr

InterGlobe Aviation’s promoter Shobha Gangwal on Wednesday sold a nearly 2.9% stake in the company for a little over Rs 2,800 crore through open market transactions.

Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country’s largest airline IndiGo. The shares were sold in three bulk deal transactions.

As many as 3,841,121 shares were sold at a price of Rs 2,426.21 apiece, while 3,841,120 shares were offloaded twice at prices of Rs 2,440.92 and Rs 2,427.09, respectively, as per data available on the BSE.

Together, the shares are worth Rs 2,801.79 crore. The total number of shares offloaded translates to around 2.9% stake.

The shares were sold at a discount compared to Wednesday’s closing price of Rs 2,457.60 apiece on the BSE.

At the end of the June quarter, Rakesh Gangwal and his wife Shobha Gangwal had 13.23% and 2.99% stakes, respectively, in the company.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delaware, owned 13.50% shareholding.

This is the third time in less than one year that Rakesh Gangwal and related entities have offloaded shares of InterGlobe Aviation.

In February this year, Shobha Gangwal divested a 4% stake in the company for Rs 2,944 crore. Prior to that, in September last year, Rakesh Gangwal and Shobha Gangwal sold a 2.74% shareholding for Rs 2,005 crore.