Gangwal family trust sells 1.3% in IndiGo parent for Rs 2,933 crore

Synopsis

Rakesh Gangwal's family trust divested a 1.3% stake in InterGlobe Aviation, IndiGo's parent company, for ₹2,933.4 crore through bulk deals. This sale is part of a phased exit strategy initiated after Gangwal stepped down from the board in February 2022. Shares of IndiGo closed lower following the transaction, though the stock has outperformed its benchmark index year-to-date.

Mumbai: IndiGo cofounder Rakesh Gangwal's family trust on Thursday sold a 1.3% stake in the airline's parent, InterGlobe Aviation, for ₹2,933.4 crore in bulk deals on NSE.

The Chinkerpoo Family Trust sold the shares in two tranches of 2.52 million shares each at an average price of ₹5,814.71-5,825.72 per share.

The trust has Shobha Gangwal and JP Morgan Trust Company as its trustees.

The Gangwal family was earlier anticipated to sell a 3.1% stake for nearly ₹7,020 crore.

Details of the buyers weren't immediately available.

As of June 30, Rakesh Gangwal held a 4.73% stake in InterGlobe, while the Chinkerpoo Family Trust held another 3.08%. The total promoter shareholding was at 43.54%.

Gangwal and his family had sold shares also in May, worth ₹11,564 crore, comprising a 5.72% stake.

The stake sale is part of a phased exit strategy by Gangwal and his family from the company, the operator of India's largest airline that he cofounded with Rahul Bhatia in 2006. Three years ago, the family held nearly 37%.

Gangwal stepped down from IndiGo's board in February 2022 and announced plans to gradually reduce his stake. Since then, the family has been steadily paring its shareholding.

Shares of IndiGo ended 5.2% lower at ₹5,727 on NSE Thursday. The stock has gained 24.8% in 2025 so far, outperforming its benchmark Nifty Next 50 index, which is down 3.4%.

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