Rakesh Ganjwal, wife sells 2.74% stake in parent company of Indigo for Rs 2,005 crore

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Rakesh Ganjwal, wife sells 2.74% stake in parent company of Indigo for Rs 2,005 crore

Rakesh Ganjwal, his wife sells 2.74% stake in InterGlobe Aviation for Rs 2,005 crore

New Delhi-

Rakesh Gangwal, co-promoter of IndiGo Airlines and his wife on Thursday liquidated their 2.74 per cent stake in parent company InterGlobe Aviation for Rs 2,005 crore through open market transactions.

Mr. Ganjwal had resigned from the company’s board of directors in February 2022, stating that he would gradually reduce his equity stake over the next five years.

Mr. Ganjwal co-founded with Rahul Bhatia the low cost airline Indigo.

According to the consolidated deal data available with the National Stock Exchange (NSE), Mr. Ganjwwal and his wife, Shoba Ganjwwal, sold a total of 1.05 crore shares, equivalent to 2.74 per cent of the shares of the company.

The shares were sold in the range of Rs 1,886.47 – Rs 1,901.34 per share, valuing the transaction at Rs 2,004.77 crore.

As of the June quarter, Mr. Ganjwal and his family owned 36.61 percent of the low-cost carrier, with him and his wife owned 14.6 percent and 8.39 percent, respectively, while the rest of the balance is owned by Chincarbo Family. Confidence and shareholder data showed with the stock exchange.

Mr. Bhatia and associated entities own approximately 38 percent of InterGlobe Aviation.

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Interglobe Aviation shares closed 1.56 per cent lower at Rs 1,946.90 in NSE.

Interglobe Aviation is engaged in providing domestic and international air transportation services under the name “Indigo”.