Shobha Gangwal, the wife of IndiGo’s co-founder Rakesh Gangwal, is selling 4 per cent of the airline in a block deal — in line with the family’s decision to pare their holdings in InterGlobe Aviation, the parent of the budget airline, over four-five years.

In September last year, Rakesh Gangwal, sold almost 2.75 per cent of his stake in the airline through block deals on the NSE for Rs 2,005 crore. Prior to the sale, Gangwal and his family held 36.61 per cent in InterGlobe Aviation, while co-founder Rahul Bhatia and his family held 38.17 per cent.

This sale by Gangwal and Shobha were undertaken across four transactions wherein they sold nearly 1.06 crore shares. A CNBC-TV18 report on Wednesday said Shobha Gangwal is likely to sell 4 per cent or 1.56 crore shares through a block deal on Thursday, with floor price set at Rs 1,875 per share which is a discount of almost 6 per cent to the closing price of the IndiGo scrip of Rs 1,986.20 on Wednesday.

The total transaction value is expected to be Rs 2,925 crore. For the quarter ended December 31, while the Bhatia family held 38.15 per cent in the IndiGo parent, the Gangwals had a stake of nearly 20.28 per cent. The Chinkerpoo family trust of the Gangwals held 13.50 per cent. Rakesh Gangwal has resigned as a director of InterGlobe Aviation in February last year, following the appointment of Bhatia as the managing director for five years.

The founders were engaged in a long-running feud with Gangwal raising corporate governance issues in July 2019. It drew to a close in December 2021 when the shareholders voted in favour of a resolution that removed restrictions on share transfer to a third party. While resigning, Gangwal said that he has been along-term shareholder formore than 15 years and that it’s “only natural to someday think about diversifying one’s holdings. Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five plus years”. Meanwhile, parent Inter Globe Aviation reported a steep rise in profit at Rs 1,422.6 crore in the three months ended December 2022, primarily fuelled by robust demand for air travel.