IndiGo’s Rakesh Gangwal sells $1.3 billion shares after hitting record high

Gangwal offloads IndiGo shares: Rakesh Gangwal, co-founder, IndiGo has cut his stake in the airlines by selling shares worth nearly $1.3 billion of InterGlobe Aviation Limited right after the stock touched its record high on Wednesday. 

“While new investors should benefit from the potential future growth in the company’s share price, a gradual reduction of my stake should also allow me to benefit from some of the upside. Like any plan, future events may impact my current thinking,” Gangwal said.

The shares of the company have surged more than 60 per cent in the last six months and ended at Rs 4,943.80 on Wednesday to hit its all time high. According to an exchange filing by the company, Gangwal and chinkerpoo Family Trust sold 22.5 million shares at Rs 4,714.90 apiece in a block equity sale, cutting down 30 per cent stake in the airliner. 

On Thursday, Interglobe Aviation shares fell 3 per cent intraday to settle 1.86 per cent or 90 points lower at Rs 4,769.45. 

Gangwal also offloaded shares in the market worth $820 million in March 2024. The number of shares sold during this cut were increased from 14.7 million, and priced at a higher floor price. 

IndiGo currently stands as the largest airline in India with the market share of over 62 per cent. The closest rival to Air India, InterGlobal Aviation is among one of the biggest airlines globally in terms of market valuation of $22 billion. 

According to the exchange filing, Gangwal owned nearly 19 per cent of the airline directly through a trust. 

IndiGo was founded by Gangwal and Rahul Bhatia in the year 2006.