Shobha Gangwal, the promoter of InterGlobe Aviation, sold a little over 2.9 percent of the business on the open market on Wednesday for just over Rs 2,800 crore.
The corporation, which is the parent of IndiGo, the largest airline in the nation, was founded by Rakesh Gangwal and Shobha Gangwal. Three bulk deals involving the shares were executed.
According to information available on the BSE, 3,841,121 shares were sold for a price of Rs 2,426.21 each, while 3,841,120 shares were sold twice for Rs 2,440.92 and Rs 2,427.09, respectively. The shares are valued a total of Rs 2,801,79 crore.
The entire number of shares sold equates to a holding of about 2.9%. The shares were sold below Wednesday’s closing price on the BSE of Rs 2,457.60 per share.
Rakesh Gangwal and his wife Shobha Gangwal each held 13.23% and 2.99% of the company at the end of the June quarter, respectively.
13.50% of the company’s shares were owned by the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware. Rakesh Gangwal and associated organizations have sold shares of InterGlobe Aviation three times in less than a year.
Shobha Gangwal sold a 4% stake in the business in February of this year for Rs 2,944 crore. Rakesh Gangwal and Shobha Gangwal had already sold a 2.74 percent interest for Rs 2,005 crore in September of last year.
Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation in February 2022 due to disagreements with co-founder Rahul Bhatia. He also stated that he would gradually lower his stock stake in the airline over the following five years.
After Gangwal wrote to market regulator Sebi in July 2019 to request its intervention to remedy the claimed corporate governance violations at the company, allegations that have been refuted by the Bhatia group, the dispute between the two promoters—Bhatia and Gangwal—became public.
According to information available on the BSE, the promoter and the promoter group collectively owned 67.77% of the company at the end of June this year.