Rakesh Gangwal buys $108 million of shares in Southwest Airlines

Southwest Airlines Co. shares are climbing after board member and billionaire co-founder of InterGlobe Aviation Ltd., Rakesh Gangwal, purchased about $107 million worth of the company’s stock, according to Securities and Exchange Commission filings on Thursday.

In a series of transactions disclosed over seven filings, Gangwal acquired 3.6 million of the carrier’s common shares for roughly $29 apiece. In addition to Gangwal, Gary Kelly, the executive chairman of the board, also bought shares.

Southwest’s shares rose as much as 4.7% as of 2:40 p.m. in New York.

The company appointed Gangwal to its board in July amid demands for sweeping leadership and strategy changes from activist investor Elliott Investment Management. The move was criticized by Elliott, which said last week that it remained determined to call a special shareholder meeting so investors can vote on its slate of new directors to overhaul Southwest’s board.