NEW DELHI: Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ?6,785 crore ($820.3 million) on Monday.

According to BSE data, the sale involved 22.5 million shares at an average price ranging from ?3,015.10 to ?3,016.36 per share. 

Morgan Stanley Asia Singapore Pte acquired 2.1 million shares, amounting to a 0.5 per cent stake, for ?633 crore. 

After this transaction, Gangwal's stake in the company has further decreased to 6 per cent, resulting in a reduction of the promoter group's holding to 57.3 per cent.

This move comes after the co-founder's previous stake sales, including a 4 per cent stake for ?2,900 crore in February and a 2.8 per cent stake worth ?2,000 crore in September 2022. 

Gangwal and his wife Rekha have been gradually reducing their shareholding in Interglobe Aviation over the past two years. 

While Rekha exited the firm entirely in August 2022, their Chinkerpoo Family Trust still holds a 13.49 per cent stake in the company, making it the second-largest shareholder as of December 31. 

The co-founder's decision to sell his stake aligns with his plans to dilute the family's ownership, as announced in February 2022. 

In August 2022, Gangwal's family divested a stake worth $450 million. Despite the stake sale, IndiGo's shares settled 3.6 per cent higher at ?3,218.55 on the day of the transaction, reflecting positive market sentiment. 

The stock has witnessed an 8.5 per cent rise since the beginning of the year. The sale, being the largest block sale in India since 2019, has garnered attention within the financial landscape. 

The co-founder's move to offload a substantial stake indicates dynamic shifts within IndiGo and is an indication of Gangwal's ongoing efforts to reposition his investment portfolio.

According to a report by Mint, Gangwal's recent investment of $20 million in the manufacturing services company Zetwerk on March 7 showcases his continued involvement in diverse business ventures. 

Zetwerk's statement highlighted Gangwal's extensive experience and strategic guidance.