Gangwal family trust offloads 5.2% in IndiGo through Rs 8,400 crore block deal; Morgan Stanley buys stake
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Rakesh Gangwal family trust The Chinkerpoo on Thursday sold just over 2 crore shares in IndiGo through a large bulk deal worth just over Rs 8400 crore. Rakesh Gangwal, through his family Trust 'The Chinkerpoo' executed the deal at Rs 4,715 apiece. Meanwhile, Morgan Stanley picked up 28.54 lakh shares in the company under the deal. Gangwal, the co-founder of India’s largest carrier, had stated his intention to gradually reduce his holdings after stepping down from the board in February 2022. Shobha Gangwal has since completely exited the airline. For the quarter ended June 2024, Rakesh Gangwal held approximately 6% of the company’s equity, while his family trust, The Chinkerpoo Family Trust, held a 13.49% stake. In August 2023, Shobha Gangwal sold a 4% stake in the company through the open market for about Rs 2,944 crore.Gangwal is likely capitalizing on the stock's near-record highs, driven by a rapidly growing retail investor...