News
Stock exchange asks IndiGo to clarify reports co-founder’s family selling equity in the LCC
June 13th 2023
India's BSE stock exchange has issued Interglobe Aviation, the parent company of LCC IndiGo, with a notice requesting clarification of media reports the family of the airline's co-founder, Rakesh Gangwal, is intending to offload 5% to 8% of its holding in the company. Read More » Citing unnamed sources, media said the sale will generate about US$900 million. The BSE wrote to Interglobe Aviation on June 12 asking for more information about the news stories. In February, Gangwal resigned from the Interglobe board and flagged his intention to reduce his 13.23% holding in the company in the next five years. Gangwal's wife, Shobha Gangwal, sold 4.05% of Interglobe stock in February, reducing her equity to 2.99%. The couple’s family trust holds an additional 13.5% of Interglobe.
