IndiGo’s co-founder Gangwal sells 5.8% stake via bulk deals; Morgan Stanley buys 2.1 mn shares

India's IndiGo's co-founder Gangwal sells 5.8% stake in airline via bulk deals

Rakesh Gangwal, co-founder of Indian airline IndiGo, sold a 5.8% stake worth $820.3 million in operator Interglobe Aviation via bulk deals on Monday.

Gangwal, who held a 11.72% stake in Interglobe, as of December-end, sold 22.5 million shares at a price between 3,015.10 and 3,016.36 rupees per share, according to stock exchange data.

Morgan Stanley bought 2.1 million shares, according to the data. It did not mention the details of the other buyers.

It is not immediately clear how much Gangwal holds in the company after the latest stake sale.

Gangwal and his wife Rekha have been reducing their shareholding in the company over the last two years, with the latter completely exiting the firm last August.

Their Chinkerpoo Family Trust, however, still holds a 13.49% stake in Interglobe, as of Dec. 31, and is the firm's second-largest shareholder.

In February 2022, Gangwal resigned from the airline's board and said he would cut his stake in IndiGo over five years.

The company's shares settled 3.6% higher at 3,218.55 rupees on Monday. The stock has risen 8.5% so far this year.

($1 = 82.7120 Indian rupees)