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    IndiGo shares dip as Gangwal family sells 2.74% stake via block deal

    IndiGo shares dip as Gangwal family sells 2.74% stake via block deal

    IndiGo shares dip as Gangwal family sells 2.74% stake via block deal
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    By CNBCTV18.com  IST (Published)

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    The shares of the largest Indian airline have been losing weight in anticipation of this deal for a few days. At 10:20 am, shares of Interglobe Aviation were trading at Rs 1,933, a marginal decline from the previous close on the BSE.

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    Shares of IndiGo’s parent company Intergloble Aviation traded red after co-promoter Rakesh Gangwal and his wife on Thursday divested a 2.74 per cent stake in the parent company InterGlobe Aviation for Rs 2,005 crore through open market transactions.
    The shares of the largest Indian airline have been losing weight in anticipation of this deal for a few days. At 10:20 am, shares of Interglobe Aviation were trading at Rs 1,933, a marginal decline from the previous close on the BSE.
    In February 2022, Gangwal announced his resignation from the low-cost airline's board of directors, gradually diminishing his equity stake over the next five years.
    Gangwal and his wife, Shobha, have sold a total of 1.05 crore shares, amounting to a 2.74 per cent stake in the company, as per data from NSE.
    The shares were sold in the range of Rs 1,886.47 to Rs 1,901.34 apiece, valuing the transaction at Rs 2,004.77 crore.
    According to shareholding pattern information available on the stock exchanges, as of the April-June quarter, Gangwal and his family held a 36.61 percent stake in IndiGo Airlines.
    He and his wife both held 14.6 percent and 8.39 percent of the company respectively while Chinkerpoo Family Trust has the remaining portion.
    According to Mark D Martin of Martin Consulting Rakesh Gangwal is testing the waters with the small stake sale and doesn’t feel the need to read too much between the lines.
    He believes that InterGlobe needs to expand globally as they are already saturated in the domestic market. IndiGo is already quite significantly exposed to the domestic market, he told CNBC-TV18.
    Meanwhile, Pieter Elbers started as IndiGo Chief Executive Officer on Tuesday, replacing Ronojoy Dutta, who decided to retire on September 30.
    (With inputs from PTI)
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