The family trust of InterGlobe Aviation promoter Rakesh Gangwal sold a 5.24 per cent stake in the airline on Friday for ₹9,549 crore through open market transactions.

Gangwal had resigned as a director of InterGlobe Aviation, the IndiGo parent, in February 2022. He said he would gradually pare his stake in the airline.

The founders — Gangwal and Rahul Bhatia — were engaged in a long-running feud, with Gangwal raising corporate governance issues in July 2019.
It ended in December 2021 when shareholders voted in favour of a resolution that removed restrictions on share transfer to a third party.

Bulk deal data from the BSE showed 2.02 crore shares being sold by Gangwal's Chinkerpoo Family Trust.

These were divested in three tranches of 67.50 lakh shares each in a price range of ₹4,714.95-4,715.89. The value of the combined transaction stood at ₹9,548.95 crore.

Morgan Stanley Asia (Singapore) Pte picked up 28.54 lakh shares, or a 0.74 per cent stake, in the company.

It purchased them at an average price of ₹4,714.90 share for an aggregate amount of ₹1,345.63 crore.
Details of the other buyers could not be ascertained.

Shares of IndiGo on Thursday ended with a loss of 2.06 per cent at ₹4,758.95 on the BSE.

At close, it had a market cap of ₹1.83 lakh crore.

In August 2023, Shobha Gangwal sold a nearly 2.9 per cent stake in the company for a little over ₹2,800 crore.

In February 2023, she offloaded 4 per cent for ₹2,944 crore.

In September 2022, Rakesh and Shobha Gangwal had sold a 2.74 per cent shareholding for ₹2,005 crore.

IndiGo has reported a nearly 12 per cent drop in net profits on higher costs for the first quarter ended June 30, 2024.

Its net profit declined to ₹2,727 crore against ₹3,087 crore in the same period of the previous year.