Rakesh Gangwal's family trust sells 5.24% stake in IndiGo worth Rs 9,549 cr

Thu, 29 August 2024

23:02

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InterGlobe Aviation promoter Rakesh Gangwal's family trust on Thursday sold a 5.24 percent stake in the airline for Rs 9,549 crore through open market transactions.

The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Over 2.02 crore shares of InterGlobe Aviation were sold by the Chinkerpoo Family Trust in three tranches in a price range of Rs 4,714.95-4,715.89 per scrip, according to bulk deal data on BSE.

This took the combined transaction value to Rs 9,548.95 crore.

The scrip closed with a discount of 2.06 per cent against the benchmark Sensex ending in the green territory.

InterGlobe Aviation is the parent of no-frills carrier IndiGo, which has a domestic market share of more than 60 percent.

Meanwhile, Morgan Stanley Asia (Singapore) Pte picked up 28.54 lakh shares or a 0.74 percent stake in InterGlobe Aviation, as per the data on the BSE. -- PTI

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