Shares of InterGlobe Enterprises, the company behind IndiGo Airlines (6E, Delhi International), fell 5% on the National Stock Exchange of India on February 16 after the wife of the airline's founder sold a 4% stake in an on-market block sale.
Shobha Gangwal, the wife of Rakesh Gangwal, sold 15.6 million shares on Thursday at an average price of INR1,887 rupees (USD22.83 dollars) per share, pocketing approximately INR29.44 billion (USD356.2 million) in the process. The sale price was a 5% discount to the February 15 closing price, however, the share price declined by a similar margin once news of the sale broke. The identities of the buyer/s remain unknown.
Rakesh Gangwal had previously made it public that his family would be cutting their shareholdings after he steps down from InterGlobe's board this month. In September 2022, he sold a 2.74% stake on the open market that was worth approximately USD250 million. IndoGo's co-founder retains a 13.23% shareholding in InterGlobe while Shobha Gangwal has a 7.04% shareholding after finalising this week's transaction. A related family trust holds a further 13.5% stake. IndiGo's other co-founder, Rahul Bhatia, retains a 37.8% direct and indirect shareholding in InterGlobe Aviation.
InterGlobe shares closed at INR1,897 (USD22.95) on February 16, leaving the company with a market capitalisation of INR733.46 billion (USD8.87 billion)
