IndiGo Co-Founder Continues Exit With $801 Million Share Sale
Photo Credit: An IndiGo plane at Bengaluru Airport. Pexels / Madvortex
Skift Take
Rakesh Gangwal’s latest stake sale signals the steady unwinding of his association with IndiGo, marking the end of one of Indian aviation’s most defining partnerships. And to investors, the timing for this long-coming offloading is hardly surprising as IndiGo is at its strongest yet.
IndiGo co-founder and promoter Rakesh Gangwal is again planning to sell off shares worth $801 million. The shares account for over 3% stake in the airline. If the sale goes through, Gangwal’s stake in IndiGo’s parent company InterGlobe Aviation will go down to 4.71%. In December 2021, Gangwal owned 36.6% of IndiGo, while current managing director of IndiGo Rahul Bhatia's stake was 37.8%.
With this latest move, Gangwal would have offloaded almost 32% of his stake in the company.
This is the latest in Gangwal’s gradual retreat from IndiGo. He stepped down from IndiGo’s board in February 2022 and has been reducing his stake since then. This year alone, the Gangwal family has offloaded 9% stake in the airline, including a block deal in May involving 5.7% shares of IndiGo.
IndiGo was co-founded by Gangwal and Bhatia in 2006. Gangwal resigned from the board in 2022. At the time of resigning Gangwal had said that he intended to cut down his stake
