- Wednesday, May 28, 2025
Gangwal co-founded IndiGo in 2006 with Rahul Bhatia, who is the current managing director of the low-cost airline
By: India Weekly
THE CO-FOUNDER of IndiGo airlines, Rakesh Gangwal, and his family trust, on Tuesday (27), sold a 5.7 per cent stake in the airline’s parent company InterGlobe Aviation, for about $1.36 billion through a block deal.
Gangwal (71) co-founded IndiGo in 2006 with Rahul Bhatia, the current managing director of the low-cost airline.
Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, also participated in the transaction.
Investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company and JP Morgan India were the placement agents for the stake sale.
Gangwal and the family trust together owned about 13.5 per cent in IndiGo.
As per the latest block deal, up to 22.1 million equity shares were sold.
The share sale, executed through multiple tranches on BSE and NSE, is entirely secondary in nature.
In August 2024, Gangwal’s family trust sold a 5.24 per cent stake in the airline and before that it had sold shares in March.
The share sale is part of Gangwal’s decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.
IndiGo is the country’s leading airline with a fleet of 434 aircraft and it held a market share of 64.3 per cent in the domestic circuit as of March 31.
