Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Companies / News/  IndiGo co-founder Rakesh Gangwal sells 5.8% stake in airline via bulk deal, raises 6,785 crore
BackBack

IndiGo co-founder Rakesh Gangwal sells 5.8% stake in airline via bulk deal, raises ₹6,785 crore

Gangwal sells 2,25,00,000 shares at an average price of ₹3,016 a share, according to a corporate announcement by the company.

Rakesh Gangwal, Indigo's co-founder, has sold a 5.8% stake in the airline via a bulk deal.Premium
Rakesh Gangwal, Indigo's co-founder, has sold a 5.8% stake in the airline via a bulk deal.

IndiGo co-founder Rakesh Gangwal on Monday sold a 5.8 per cent stake in operator Interglobe Aviation via a bulk deal, according to BSE data. Morgan Stanley bought 2.1 million shares in Indigo.

According to the corporate announcement by the firm, Gangwal raised 6,785 crore by selling 2,25,00,000 shares at an average price of 3,016 a share. Morgan Stanley Asia Singapore Pte bought 21,00,000 shares of the aviation company, representing a 0.5% stake, for 633 crore. 

The shares were sold in three tranches, with the price per scrip varying from 3,015.10 to 3,016.36.

ALSO READ: IndiGo co-founder Rakesh Gangwal invests $20 million in Zetwerk

Shares of InterGlobe Aviation Ltd ended 3.63 per cent up at 3214.25 apiece at BSE on Monday.

After this transaction, Gangwal’s stake in the firm has further reduced to 6 per cent, bringing down the promoter group’s holding in InterGlobe Aviation to 57.3 per cent.

This is the fourth time in the past two years that Gangwal has offloaded his stake via a block sale of his Indigo shares.

Earlier, it was reported that Gangwal was looking to sell his stocks in InterGlobe Aviation Ltd and mulling raising $795 million.

This bulk deal sale by IndiGo co-founder marked the largest block sale in India since 2019, with Gangwal offering as many as 22.5 million shares of InterGlobe Aviation, reported Hindustan Times.

Meanwhile, on March 7, Gangwal invested $20 million in the manufacturing services company Zetwerk.

“Mr Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," read a statement from Zetwerk.

About Rakesh Gangwal:

In February 2022, Rakesh Gangwal stepped down and announced plans to dilute his family’s stake. He sold a 4 per cent stake for 2,900 crore in February and then a 2.8 per cent stake worth 2,000 crore in September. His family divested a stake worth $450 million in August 2022.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

ABOUT THE AUTHOR
Saurav Mukherjee
A business media enthusiast...believe to listen more, than just blabbering like others.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Mar 2024, 06:48 PM IST
Next Story footLogo
Recommended For You