As much as 6 percent stake in IndiGo parent company, InterGlobe Aviation were sold in a block deal on August 29, with promoter and co-founder Rakesh Gangwal likely seeking a near complete exit. Around 2.3 crore shares of the airline operator changed hands at a floor price of Rs 4,760 apiece, valuing the deal at Rs 11,000 crore.
IndiGo shares marginally fell after the stake sale, trading at Rs 4,838 on NSE at 9.22 am, down about 0.45 percent from the previous close.
While Moneycontrol could not immediately verify the parties involved in the transaction, CNBC-TV18 reported on August 28 that Rakesh Gangwal was looking to further pare his stake in the aviation company by offloading equity worth Rs 10,300 crore. Calculations show that this amounts to about 5.8 percent equity stake at the discounted share price, which is nearly all the stake that Gangwal individually holds.
Meanwhile, this stake sale will also trigger a 150-day lock-in period before Gangwal can execute another tranche of the sale, the CNBC-TV18 report said.
Gangwal's stake sale is aligned with their broader guidance to gradually reduce his holding in IndiGo. Rakesh Gangwal had stepped down from InterGlobe Aviation's board of directors back in February 2022, and thereby announced the he will gradually pare down his stake in the low-cost airline over a five-year period.
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As of the end of the June quarter, the Gangwal-backed promoter group held a 19.38 percent stake in InterGlobe Aviation, while Rakesh Gangwal personally owned 5.89 percent of the company.
The Gangwal-backed promoter group’s stake in the airline company has dropped significantly from 36.7 percent in 2019 to 19.38 percent by June 2024. This also includes a 13.49 percent stake held by the Chinkerpoo Family Trust, with Shobha Gangwal and JP Morgan Trust Company of Delaware as trustees, and Rakesh Gangwal's 5.89 percent personal stake.
The first tranche of stake sale took place in September 2022 when the Gangwal family sold 2.8 percent of the airline for Rs 2,000 crore, followed by another one in February 2023, when they sold another 4 percent for Rs 2,900 crore. Lastly, in August 2023, Shobha Gangwal, Rakesh Gangwal's wife, sold her nearly 3 percent stake in InterGlobe Aviation for Rs 2,801.8 crore.
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