InterGlobe Aviation's promoter Shobha Gangwal on Wednesday sold a nearly 3 per cent stake in the aviation company. She sold a total of 11.52 million shares for Rs 2,441-Rs 2,427 apiece to mop up Rs 2,802 crore, data provided by stock exchanges showed. The names of the buyers weren’t disclosed.
Shobha is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country's largest airline IndiGo. The shares were sold in three bulk deal transactions
Shares of InterGlobe finished at Rs 2,458 on Wednesday, down 3.6 per cent over its previous day’s close.
Before the stake sale, Rakesh Gangwal and his family held a 29.72 per cent stake in InterGlobe. The lockup on the 29 per cent stake held by Gangwal had expired in July. Earlier, he stated his intention to pare down his stake amid a public battle with co-founding partner Rahul Bhatia.
This is the third time that the Gangwal family has pared their holding in the airline major in the past year. In September 2022, the Gangwals sold a 2.8 per cent stake for around Rs 2,000 crore. In February this year, they sold a 4 per cent stake for Rs 2,900 crore. During the same month, Rakesh Gangwal stepped down from the company’s board.
After Wednesday’s transaction, the shareholding of JSW Investments reduced to 18.95 per cent, from a 20.22 per cent stake in JSW Energy at the end of the June quarter. Shares of JSW Energy rose 6.66 per cent to close at Rs 368.10 apiece on the BSE.