Rakesh Gangwal resigned from the board of administrators of InterGlobe Aviation in 2022. (FILE)
New Delhi:
InterGlobe Aviation promoter Rakesh Gangwal’s household belief on Thursday bought a 5.24 per cent stake within the airline for Rs 9,549 crore by way of open market transactions.
The share sale is a part of Mr Gangwal’s determination in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged company governance points.
Over 2.02 crore shares of InterGlobe Aviation had been bought by the Chinkerpoo Household Belief in three tranches in a value vary of Rs 4,714.95-4,715.89 per scrip, in keeping with bulk deal knowledge on BSE.
This took the mixed transaction worth to Rs 9,548.95 crore.
The scrip closed with a reduction of two.06 per cent in opposition to the benchmark Sensex ending within the inexperienced territory.
InterGlobe Aviation is the guardian of no-frills provider IndiGo, which has a home market share of greater than 60 per cent.
In the meantime, Morgan Stanley Asia (Singapore) Pte picked up 28.54 lakh shares or a 0.74 per cent stake in InterGlobe Aviation, as per the information on the BSE.
The shares had been purchased at a mean value of Rs 4,714.90 apiece, taking the deal measurement to Rs 1,345.63 crore.
Particulars of the opposite consumers couldn’t be ascertained.
On the finish of the June quarter, promoter and promoter group entities held a 55.29 per cent stake in InterGlobe Aviation.
Mr Gangwal held a 5.89 per cent stake within the airline, whereas the Chinkerpoo Household Belief, whose trustees are Shobha Gangwal and JP Morgan Belief Firm of Delaware, owned 13.49 per cent shareholding.
Bhatia and InterGlobe Enterprises owned a mixed 35.91 per cent stake within the firm, as per the information.
That is the second time this yr that Mr Gangwal has bought shares of IndiGo. Since February 2022, Mr Gangwal and his spouse Shobha Gangwal have been offloading IndiGo shares.
In August 2023, Shobha Gangwal bought a virtually 2.9 per cent stake within the firm for a little bit over Rs 2,800 crore.
In February 2023, Shobha Gangwal divested a 4 per cent stake within the firm for Rs 2,944 crore.
In September 2022, Rakesh Gangwal and Shobha Gangwal bought a 2.74 per cent shareholding for Rs 2,005 crore.
Amid variations with co-founder Rahul Bhatia, Mr Gangwal, in February 2022, resigned from the board of administrators of InterGlobe Aviation and likewise mentioned that he would regularly scale back his fairness stake within the airline over the subsequent 5 years.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)