Rakesh Gangwal's family trust sold a 5.24% stake in InterGlobe Aviation, the parent company of IndiGo, for Rs 9,549 crore through open market transactions. This comes after Gangwal's decision in February 2022 to reduce his shareholding following a feud with co-founder Rahul Bhatia. In addition, Morgan Stanley Asia (Singapore) Pte acquired a 0.74% stake in the company for Rs 1,345.63 crore.
Rakesh Gangwal Sells Stake in IndiGo Parent Company for Rs 9,549 Crore
Background:
Rakesh Gangwal, co-founder of IndiGo, India's largest low-cost carrier, has reduced his stake in the airline's parent company, InterGlobe Aviation. This move follows a long-standing feud between Gangwal and co-founder Rahul Bhatia over control of the company.
Recent Developments:
According to Google Trends, interest in "IndiGo Rakesh Gangwal Crore" has surged in recent days, coinciding with Gangwal's decision to sell 5.24% of his stake in InterGlobe Aviation for Rs 9,549 crore. The sale was executed through open market transactions.
Key Figures and Transactions:
Impact on Shareholding:
After the sale, Gangwal's shareholding in InterGlobe Aviation has been reduced from 36.64% to 31.4%. Bhatia's shareholding remains at 37.9%.
FAQs:
1. Why did Rakesh Gangwal sell his stake in IndiGo? Gangwal's decision is part of his efforts to reduce his shareholding following a dispute with co-founder Rahul Bhatia.
2. What was the nature of the dispute between Gangwal and Bhatia? The dispute centered around governance issues and control of InterGlobe Aviation.
3. What will be the impact of Gangwal's stake sale on IndiGo? The sale is unlikely to have a significant impact on IndiGo's operations or strategy.
4. Who is Morgan Stanley Asia (Singapore) Pte? Morgan Stanley Asia (Singapore) Pte is a subsidiary of Morgan Stanley, a global investment bank.
5. What is the current shareholding structure of InterGlobe Aviation? After the stake sale, Rahul Bhatia holds 37.9% of the shares, Rakesh Gangwal holds 31.4%, and other shareholders hold the remaining 30.7%.
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