Rakesh Gangwal, the co-founder and promoter of the country's largest airline IndiGo, on Monday sold a 5.83 per cent stake in the carrier for Rs 6,785 crore through open market transactions.

The stake sale is part of Gangwal's decision to trim his shareholding, a decision announced in February 2022 after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

A total of 2.25 crore shares of InterGlobe Aviation were sold in three tranches, with the price ranging from Rs 3,015.10 to Rs 3,016.36 apiece, according to bulk deal data on the BSE.

The shares were offloaded at a discount compared with the company's closing price of Rs 3,214.25 apiece on the BSE. The scrip ended the day with a gain of 3.63 per cent, while the benchmark Sensex closed in the red.

InterGlobe Aviation is the parent of no-frills carrier IndiGo, which has a domestic market share of more than 60 per cent.

Meanwhile, Morgan Stanley Asia (Singapore) Pte acquired 21 lakh shares, amounting to 0.5 per cent in InterGlobe Aviation, as per the bulk deal data.

The shares were purchased at an average price of Rs 3,015.10 apiece, taking the deal size to Rs 633.17 crore.

Details of the other buyers could not be ascertained.

At the end of December 2023, promoters and promoter group entities held a 63.13 per cent stake in InterGlobe Aviation.

Gangwal had an 11.72 per cent stake while the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, owned a 13.49 per cent shareholding in InterGlobe Aviation.

Bhatia and InterGlobe Enterprises owned a combined 37.92 per cent stake in the company, as per BSE data.

Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading IndiGo shares in InterGlobe.