Gangwal sells 5.8% stake in IndiGo for almost Rs 7k cr – Occasions of India

BENGALURU: IndiGo co-founder Rakesh Gangwal offered a 5.8% inventory price $820 million (about Rs 6,785 crore) within the airline through bulk offers on Monday. Gangwal, who held an 11.7% stake in IndiGo as of Dec-end, offered 22.5 million shares at a value between Rs 3,015 and Rs 3,016 per share, in keeping with inventory alternate knowledge.
Morgan Stanley purchased 2.1 million shares, the info confirmed. It didn’t point out the main points of the opposite patrons. It’s not instantly clear how a lot Gangwal holds within the firm after the newest stake sale.
Gangwal and his spouse Rekha have been decreasing their shareholding within the firm over the past two years, with the latter utterly exiting the airline final August. Their Chinkerpoo Household Belief, nevertheless, nonetheless holds a 13.5% stake in IndiGo as of Dec 31, and is the agency’s second-largest shareholder. In Feb 2022, Gangwal resigned from the airline’s board and mentioned he would lower his stake in IndiGo over 5 years.
The corporate’s shares settled 3.6% increased at Rs 3,219 on Monday.