{"id":41859,"date":"2023-08-15T18:00:48","date_gmt":"2023-08-15T12:30:48","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=41859"},"modified":"2023-08-15T18:00:52","modified_gmt":"2023-08-15T12:30:52","slug":"indigo-gangwal-family-sell-its-stake-of-3750-crores","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/08\/15\/indigo-gangwal-family-sell-its-stake-of-3750-crores\/","title":{"rendered":"IndiGo Gangwal Family to Sell its Stake of 3,750 Crores"},"content":{"rendered":"\n

GURUGRAM-<\/strong> According to sources familiar with the matter, a block deal is scheduled for Wednesday involving the sale of shares of Interglobe Aviation [operator of IndiGo (6E)<\/a> Airlines] by the family of Rakesh Gangwal, co-founder of the airline. <\/p>\n\n\n\n

The reported value of the shares to be sold is up to $450 million or roughly 3,750 crores. CNBC-TV18 disclosed this information on Tuesday.<\/p>\n\n\n\n

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Photo: avgeekwithlens\/ Harsh Tekriwal<\/a><\/figcaption><\/figure>\n\n\n\n

IndiGo Gangwal Family to Sell Stake<\/h2>\n\n\n\n

The proposed minimum price for the sale by Rakesh Gangwal and Shobha Gangwal, his wife, has been established at 2,400 rupees per share. This figure represents a reduction of approximately 6% compared to the current market price.<\/p>\n\n\n\n

In June, a report by CNBC Awaaz,<\/em> citing insider sources, indicated that the family was considering selling a portion of their stake, estimated to be between 5% and 8%, with a value of up to 75 billion rupees.<\/p>\n\n\n\n

As of March 31, Rakesh Gangwal and Shobha Gangwal held 13.23% and 2.99% of InterGlobe, respectively, while their Chinkerpoo Family Trust possessed a 13.5% stake, according to data from June as reported by the exchange.<\/p>\n\n\n\n

Shobha Gangwal had already reduced her ownership in the company by more than 4% in February.<\/p>\n\n\n\n

Rakesh Gangwal, who resigned from the company’s board in February 2022, had previously stated his intention to gradually decrease his stake in the airline over a period of five years.<\/p>\n\n\n\n

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Photo: avgeekwithlens\/ Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n

Strong Q1FY23 Profit<\/h2>\n\n\n\n

In the first quarter of the fiscal year 2023-24 (FY24), India\u2019s largest carrier IndiGo (6E)<\/a>, owned by InterGlobe Aviation [NSE: INDIGO], surged into profitability, achieving an all-time high quarterly net profit of Rs 3,089.21 Crore.<\/p>\n\n\n\n

This turnaround marked a significant contrast from the same period in the prior fiscal year (Q1FY23) when the low-cost airline had recorded a net loss of Rs 1,064.2 crore.<\/p>\n\n\n\n

Notably, the sequential comparison also revealed remarkable growth, with the profit soaring by 236 percent compared to the Rs 919.8 crore profit recorded in the preceding March quarter of FY23 (Q4FY23).<\/p>\n\n\n\n

Benefiting from elevated ticket prices and a subdued competitive landscape, IndiGo achieved net sales of Rs 16,683 crore in the first quarter, marking a significant year-on-year increase of 29.7 percent compared to the sales of Rs 12,855.3 crore recorded in Q1FY23.<\/p>\n\n\n\n

Moreover, this performance indicated a substantial 17.8 percent growth over the sales figures of the previous quarter, ending in March.<\/p>\n\n\n\n

IndiGo announced a record-breaking total quarterly revenue of Rs 17,160.9 crore. Underscoring robust operational excellence, effective strategy implementation, and favorable market dynamics.<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

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IndiGo Likely to Face New Problems in Q2, Despite Profits<\/a><\/blockquote>