{"id":69145,"date":"2024-08-28T22:10:38","date_gmt":"2024-08-28T16:40:38","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=69145"},"modified":"2024-09-28T18:55:23","modified_gmt":"2024-09-28T13:25:23","slug":"indigo-rakesh-gangwal-selling-800-million-stake","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2024\/08\/28\/indigo-rakesh-gangwal-selling-800-million-stake\/","title":{"rendered":"IndiGo Co-Founder Rakesh Gangwal Selling $800 Million Stake via Block Deal"},"content":{"rendered":"\n

GURUGRAM-<\/strong> Rakesh Gangwal, co-founder of InterGlobe Aviation, prepares to sell up to $804 million of his stake in IndiGo Airlines (6E)<\/a> through a block deal.<\/p>\n\n\n\n

ET Now<\/em> reports the floor price may be set at Rs 4,593 per share, a 5.5% discount from the current market value.<\/p>\n\n\n\n

\"Rakesh
Photo: IndiGo LinkedIn Page<\/figcaption><\/figure>\n\n\n\n

IndiGo Rakesh Gangwal Stake<\/h2>\n\n\n\n

Gangwal announced plans to gradually reduce his holdings after resigning from the board in February 2022. His wife, Shobha Gangwal, has already exited the airline completely.<\/p>\n\n\n\n

The Gangwal family, including their trust, held nearly 34% stake in IndiGo as of December 2023. Rakesh Gangwal currently owns 5.89% of India’s largest air carrier, while the Chinkerpoo Family Trust holds 13.49%.<\/p>\n\n\n\n

This sale marks Gangwal’s fifth block sale of IndiGo shares in two years. Earlier in 2024, he offloaded a 5.8% stake for Rs 6,786 crore. In August 2023, Shobha Gangwal sold a 4% stake for approximately Rs 2,944 crore.<\/p>\n\n\n\n

The timing of this sale aligns with IndiGo’s stock trading near record highs, driven by growing retail investor interest and strong corporate earnings. IndiGo shares have surged about 95% over the past year.<\/p>\n\n\n\n

Gangwal’s decision to sell comes as demand for Indian equities continues to rise. On Wednesday, IndiGo’s stock closed 2.4% higher at Rs 4,863 on the National Stock Exchange.<\/p>\n\n\n\n

The Board of Directors of Southwest Airlines (WN)<\/a> has appointed Rakesh Gangwal, co-founder of IndiGo as a member, effective July 7.<\/p>\n\n\n\n

In addition to his role on the board of InterGlobe Aviation, Rakesh Gangwal has served on several other public company boards, including US Airways Group, CarMax, Office Depot, OfficeMax, and PetSmart. <\/p>\n\n\n\n

Continue Reading Here: <\/strong>IndiGo Co-founder Gangwal Joins Southwest Airlines Board of Directors – Aviation A2Z<\/a><\/p>\n\n\n\n

\"IndiGo
Photo: Khabri Lal X page<\/figcaption><\/figure>\n\n\n\n

Business Class Stretch<\/h2>\n\n\n\n

 India\u2019s largest domestic carrier, IndiGo Airlines recently unveiled the business-class stretch, its most-awaited loyalty program BluChip, and much more.<\/p>\n\n\n\n

The largest Airbus A320<\/a> family customer IndiGo is celebrating its 18th anniversary and held a special event at its headquarters in Gurugram.<\/p>\n\n\n\n

IndiGo Stretch, its new business class will be available on 12 metro routes from Delhi (DEL)<\/a>.<\/p>\n\n\n\n

CEO Pieter Elbers announced the new offering at a Delhi event, emphasizing its tailored approach for busy business routes. IndiGo Stretch will feature 12 business class seats per aircraft and offer curated meals.<\/p>\n\n\n\n

The world\u2019s third-largest carrier in terms of valuation, IndiGo, plans to expand its international presence significantly. Elbers stated the airline will add seven new international destinations by the end of FY2024-25, bringing the total to 40.<\/p>\n\n\n\n

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IndiGo Hired 5,000 New Employees in 6 Months, 60 Percent Under 25 Age<\/a><\/blockquote>