Gangwal, the co-founder of India’s largest carrier, had said that he would gradually reduce the holdings in the company after stepping down from the board in February 2022. Shobha Gangwal has completely exited the airline.
Rakesh Gangwal, wife Shobha Gangwal, and their family trust, all of who are part of the promoter group, held close to 34% stake in the airline at the end of December last year.
Earlier this year, Gangwal had offloaded 5.8% stake in the budget carrier through the open market for Rs 6,786 crore.
As of June 2024, Rakesh Gangwal held a 5.89% stake in India’s largest air carrier under IndiGo, and his family trust – The Chinkerpoo Family Trust, holds 13.49% stake.In August 2023, Shobha Gangwal sold 4% stake in the company through the open market for about Rs 2,944 crore.Gangwal is likely cashing in with the stock trading near a record high, as a rapidly growing retail investor base and strong corporate earnings drive demand for Indian equities.It’s over five times within two years that the co-founder has tapped investors through a block sale of IndiGo shares. In the last one year, IndiGo shares have rallied about 95%.
On Wednesday, the stock closed 2.4% higher at Rs 4,863 on NSE.