The family of IndiGo co-founder Rakesh Gangwal intends to sell a share in InterGlobe Aviation Ltd., the parent firm of the Indian airline, worth between 5-8 percent and around INR 7,500 crore.

As of March 31, Gangwal and his wife, Shobha Gangwal, held 13.23% and 2.99% of InterGlobe, respectively, according to exchange records. In the business, the Chinkerpoo Family Trust owns a 13.5% share.

According to sources cited by CNBC Awaaz, the Gangwal family will probably sell shares in block agreements after the lock-in period for shares begins on July 15.

Shobha Gangwal reduced her share in InterGlobe Aviation by almost 4% in February and sold it for INR 2,944 crore through open market transactions. Her ownership in the parent firm decreased from 7.04 percent to 2.99 percent as a result of this divestiture.

In February 2022, Rakesh Gangwal left the company’s board of directors. The co-founder had promised to gradually diminish his ownership of the airline over a five-year period.

In 2006, Rakesh Gangwal and Rahul Bhatia co-founded IndiGo Airlines. In February 2022, Gangwal left the company’s board of directors.

Source- travel biz