Rakesh Gangwal: Rakesh Gangwal, co-founder and promoter of the country’s largest airline IndiGo, is going to sell his major stake. He can do a block deal of about $ 850 million (Rs 7000 crore) to sell his stake in IndiGo’s parent company Interglobe Aviation.
Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation in February 2022, saying that he would gradually reduce his stake in the budget airline over the next 5 years.
You can make the deal at Rs 4,593 per share
CNBC-TV18 has claimed in a report citing sources that IndiGo Airline promoter Rakesh Gangwal is preparing to sell his stake in the airline’s parent company InterGlobe Aviation at Rs 4,593 per share. This block deal can be done for $850 million. On Wednesday, IndiGo shares closed at Rs 4859.85.
Gangwal family holds around 19 per cent stake
Rakesh Gangwal has a 5.89 percent stake in IndiGo till June 2024. His wife Shobha Gangwal and JPMorgan Trust of Delaware have a 13.49 percent stake in the airline. Due to this, their total stake reaches 19.38 percent. The Gangwal family has been planning to reduce its stake in the airline for a long time. He had also made it clear at the time of his resignation that he wants to gradually reduce his stake.
InterGlobe Aviation stock has gained 63 per cent this year
So far this year, InterGlobe Aviation shares have jumped a whopping 63 per cent. InterGlobe Aviation has earned a profit of Rs 2,736 crore in the quarter ended June 2024. This is 11.5 per cent less than the net profit of Rs 3,090.6 crore in the same period a year ago. Due to the rapid increase in domestic travel, the airline managed to exceed market expectations in the first quarter results of FY 2025. Jefferies has also upgraded the company’s stock to Buy. Also, the target price has been increased to Rs 5,225 per share.
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