Comments IndiGo co-founder Rakesh Gangwal has sold 6 per cent stake in the airline worth about ₹11,000 crore as part of his strategy to pare stake in the airline.
About 23 million shares were sold via bulk deals at a floor price of ₹4,760 on Thursday. The sale was at a discount to the market price.
Pre-transaction, Gangwal held a 19.38 per cent stake in the airline. This includes a 5.89 per cent stake in individual capacity while another 13.49 per cent stake is held by the Chinkerpoo Family Trust. Post-sale, his holding in the airline is expected to reduce to 13.38 per cent.
Gangwal has been selling shares in the airline in tranches over the past couple of years. While he continues to be classified as a promoter, he had earlier stepped down from the board following differences with co-founder Rakesh Bhatia on corporate governance issues.
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