Rakesh Gangwal sold Indigo shares worth Rs 6,785 crore
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New Delhi. InterGlobe Aviation promoter Rakesh Gangwal on Monday sold shares worth Rs 6,785 crore of the company through open market transactions. According to stock market data, the co-founder of the country’s largest airline operating company has sold 2.25 crore shares of IndiGo, or 5.83 percent stake.
Gangwal had taken this decision to reduce stake in the company in February 2022 after he had a dispute with co-founder Rahul Bhatia over alleged corporate governance issues. The share sale was done in three installments. The shares were sold at prices ranging from Rs 3,015.10 per share to Rs 3,016.36 per share.
The shares were sold at a discount to the company’s closing price of Rs 3,214.25 on BSE. At the close of trading, the stock was up 3.63 percent while the benchmark index Sensex closed in the loss. InterGlobe Aviation is the parent company of airline IndiGo. Its domestic market share is more than 60 percent. At the end of December 2023, the promoters and promoter group entities held 63.13 per cent stake in InterGlobe Aviation.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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