Rakesh Gangwal offloaded another 5.25% stake in IndiGo.
Rakesh Gangwal, the co-founder of IndiGo Airlines, has been making headlines lately for selling his stake in the airline. In the latest development, he has offloaded another 5.25% stake in IndiGo, worth approximately ₹9,547 crore, through three transactions . This sale brings his total holding in the airline down to 13.38% .
Gangwal has been gradually reducing his stake in IndiGo since February 2022, when he stepped down from the airline's board due to differences with co-founder Rahul Bhatia . His wife, Shobha Gangwal, has also been selling her shares in the airline, with her latest sale being nearly 3% stake in August 2023 .
The Gangwal family's stake sale has been aligned with their broader guidance to gradually reduce their holding in IndiGo over a five-year period . This move is seen as a strategic decision to take some profits from their legacy investment, especially considering IndiGo's shares have climbed 92% over the past year .
