IndiGo co-founder's family to sell stake up to Rs 7500 crore

The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5 per cent-8 per cent stake in the Indian airline's parent InterGlobe Aviation Ltd , worth upto Rs 7500 crore ($909.58 million), CNBC Awaaz said in a report, citing sources.

Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23 per cent and 2.99 per cent respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5 per cent stake, according to exchange data.

The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15, the report said.

Shobha Gangwal had cut her stake in the company by over 4 per cent in February.

Interglobe Aviation and a represenatative for the Gangwal family did not immediately respond to Reuters' request for comment.

Rakesh Gangwal resigned from the company's board in February 2022 and had said that he would cut his stake in the airline over five years.

Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.

Shares of the company, which are up over 19 per cent year to date, fell as much as 3.1 per cent after the stake sale report. ($1 = 82.4560 Indian rupees)

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