Rakesh Gangwal, family trust sell 3.1% stake in IndiGo for ₹7,027 cr; shares fall over 4%

InterGlobe Aviation promoter Rakesh Gangwal and his family trust divested up to a 3.1 per cent stake in IndiGo for ₹7,027.7 crore through separate block deals on Thursday.

After the stake sale, InterGlobe Aviation’s shares were trading 4.44 per cent lower at ₹5,781 apiece on the NSE and the scrip of the company went down 4.16 per cent to ₹5,793 each on the BSE.

After the latest transaction, Rakesh Gangwal and his family trust’s holding in IndiGo has come down to 4.71 per cent from 7.81 per cent.

Gangwal, the co-founder of IndiGo, has been selling his equity in a phased manner, following a bitter fallout with co-founder Rahul Bhatia.

Apart from Rakesh Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, have collectively divested up to 3.1 per cent holding in IndiGo, the country’s largest carrier, according to the term sheet accessed by PTI.

As of June 2025, Gangwal and the family trust owned a 7.81 per cent holding in IndiGo, as per shareholding data on the exchanges.

Under the transaction, the sale comprises up to 12.1 million shares (1.21 crore shares) at a floor price of ₹5,808 per share, nearly 4 per cent discount to IndiGo’s last closing price of ₹6,050 on Tuesday on the NSE, as per the term sheet.

According to the term sheet, 1.21 crore equity shares, representing a 3.1 per cent stake in the company, and the offer size based on the floor price is pegged around $801 million, or about ₹7,027.7 crore.

The sale is entirely secondary in nature, meaning no new shares will be issued, and the proceeds will go to the selling shareholders.

Details of the buyers were not known immediately.

In May this year, Gangwal and his family trust trimmed their holding by divesting a 5.72 per cent stake in the airline for ₹11,564 crore.

In August 2024, Gangwal’s family trust sold a 5.24 per cent stake in the airline for ₹9,549 crore. Before that, it had sold shares in March.

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.

Since February 2022, Gangwal and his wife, Shobha Gangwal, have been offloading their shares in IndiGo.

In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for ₹2,005 crore. In February 2023, Shobha divested a 4 per cent stake in the company for ₹2,944 crore. Later in August, she sold nearly 2.9 per cent stake in the company for a little over ₹2,800 crore.

Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation, and Rakesh Gangwal said he would gradually reduce his equity stake in the airline over the next five years.

Published on August 28, 2025