Rakesh Gangwal sells 5.8% stake in Interglobe Aviation

Rakesh Gangwal, co-founder of India's largest airline IndiGo, has sold 5.8 per cent stake in operator Interglobe Aviation, data from stock exchanges showed. Gangwal sold 2.25 crore shares in three tranches of 75,00,000 at Rs 3,016.36, Rs 3,016.18 and 3,015.10 respectively.

On the other hand, Morgan Stanley Asia (Singapore) PTE bought 21 lakh shares at Rs 3,015.10.

Gangwal approximately raised Rs 6,780 crore by selling 5.8 per cent stake in the airline.

The extent of Gangwal's ownership in the company following the most recent stake sale remains uncertain.

Gangwal and his wife Rekha have steadily decreased their shares in the company over the past two years, with Rekha fully divesting from the firm in August of last year.

However, their Chinkerpoo Family Trust retains a 13.49 per cent stake in Interglobe as of December 31, making it the company's second-largest shareholder.

Gangwal announced his resignation from the airline's board in February 2022, concurrently declaring his intention to reduce his stake in IndiGo over a five-year period.

On Monday, the company's shares closed 3.6 per cent higher at Rs 3,218.55.

(With Reuters inputs)