Latest news with #ChinkerpooFamilyTrust
Time of India
4 days ago
- Business
- Time of India
Rakesh Gangwal, family trust offload 5.72% stake in IndiGo worth Rs 11,564 crore
Representative image IndiGo operator InterGlobe Aviation promoter Rakesh Gangwal and the Chinkerpoo Family Trust reduced their stake by 5.72 per cent in the airlines through open market transactions, garnering Rs 11,564 crore. The bulk deal data on NSE showed that Gangwal and the trust, managed by Shobha Gangwal and JP Morgan Trust Company of Delaware, divested 2.21 crore equity shares. R akesh Gangwal individually sold 22.10 lakh shares, equivalent to 0.6 per cent stake. The Chinkerpoo Family Trust separately sold nearly 1.99 crore shares across three transactions, representing 5.15 per cent ownership in the Gurugram-based company. The shares were sold between Rs 5,230.99-5,235.31 per share, totalling Rs 11,563.79 crore. Following these transactions, Gangwal's holding decreased to 4.7 per cent from 5.30 per cent, whilst the trust's stake reduced to 3.08 per cent from 8.23 per cent in IndiGo. The combined ownership of Gangwal and Family Trust has now decreased to 7.81 per cent from 13.53 per cent. Meanwhile, co-founder Rahul Bhatia, his family, and InterGlobe Enterprises collectively maintain a 35.74 per cent stake. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta nueva alarma con cámara es casi regalada en Quilmes (ver precio) Verisure Undo The NSE data did not reveal the identities of the share purchasers. The company's shares closed at Rs 5,307 on Tuesday, declining by 2.08 per cent. Previously in August 2024, the family trust sold 5.24 per cent stake for Rs 9,549 crore, following earlier sales in March. This divestment aligns with Gangwal's February 2022 decision to reduce shareholding after disagreements with Rahul Bhatia regarding corporate governance. Since February 2022, both Gangwal and Shobha Gangwal have been selling their holdings. Notable transactions include a September 2022 sale of 2.74 per cent stake for Rs 2,005 crore, Shobha's February 2023 divestment of 4 per cent for Rs 2,944 crore, and her August sale of approximately 2.9 per cent for over Rs 2,800 crore. Following disputes with Bhatia, Gangwal stepped down from InterGlobe Aviation's board in February 2022, announcing plans to gradually reduce his equity stake over five years. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
4 days ago
- Business
- The Print
Rakesh Gangwal, family trust sell 5.72 pc stake in IndiGo for Rs 11,564 cr
According to the data, Rakesh Gangwal sold 22.10 lakh shares or 0.6 per cent stake in InterGlobe Aviation. A total of 2.21 crore equity shares or 5.72 per cent were offloaded by Gangwal and his family trust, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, as per the bulk deal data on the NSE. New Delhi, May 27 (PTI) InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday trimmed their holdings by divesting a 5.72 per cent stake in the airline for Rs 11,564 crore through open market transactions. In addition, the Chinkerpoo Family Trust disposed of nearly 1.99 crore shares in three tranches, representing a 5.15 per cent holding in Gurugram-based InterGlobe Aviation. The shares offloaded in the price range of Rs 5,230.99-5,235.31 apiece, taking the combined transaction value to Rs 11,563.79 crore. After the latest transaction, Rakesh Gangwal's holding in InterGlobe Aviation declined to 4.7 per cent from 5.30 per cent and the Chinkerpoo Family Trust's stake has also dipped to 3.08 per cent from 8.23 per cent in India's largest airline IndiGo. Also, the combined holding of Gangwal and Family Trust stake in InterGlobe Aviation has declined to 7.81 per cent from 13.53 per cent. Promoter and co-founder of IndiGo Rahul Bhatia, his family and Bhatia-led InterGlobe Enterprises owned a combined 35.74 per cent stake in the airline. Details of the buyers of InterGlobe Aviation's shares could not be ascertained on the National Stock Exchange (NSE). On Tuesday, shares of InterGlobe Aviation fell 2.08 per cent to close at Rs 5,307 apiece on the NSE. In August 2024, Rakesh Gangwal's family trust sold a 5.24 per cent stake in the airline for Rs 9,549 crore. Before that, it had sold shares in March. The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues. Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in IndiGo. In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore. In February 2023, Shobha divested a 4 per cent stake in the company for Rs 2,944 crore. Later in August, she sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore. Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation and Rakesh Gangwal said that he would gradually reduce his equity stake in the airline over the next five years. PTI HG DR BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
4 days ago
- Business
- Mint
IndiGo promoter Rakesh Gangwal sells $1.35 billion stake in block deal
Mumbai: IndiGo co-founder and promoter Rakesh Gangwal sold shares worth $1.35 billion in the airline through a block deal on Tuesday, according to a term sheet accessed by Mint. On Monday, Mint reported that Gangwal was expected to sell shares worth $803 million via a block deal. However, the transaction size has since grown, according to the latest term sheet reviewed by Mint. Under the updated terms, Gangwal and his Chinkerpoo Family Trust offloaded 22.1 million shares, or a 5.7% stake, at an offer price of ₹ 5,230.5 per share in InterGlobe Aviation Ltd, which operates IndiGo, India's largest airline. This price reflects a nearly 3.5% discount to the stock's Monday closing price of ₹ 5,418 on the BSE. Following the block deal, shares of the company traded at ₹ 5,294 a piece in opening deals, down from the previous close of ₹ 5,418 per share on the BSE on Monday. IndiGo's shares have gained about 18% over the past year. As of 30 March 2025, Gangwal held a 5.3% stake in the company, while the Chinkerpoo Family Trust owned 8.23%, according to BSE data. In contrast, as of November 2015, Gangwal owned 16.89% of IndiGo, and the trust held 15.64%, highlighting the significant reduction in their combined holdings over time. Goldman Sachs (India) Securities Pvt, Morgan Stanley India Co, and J.P. Morgan India Pvt are arranging the trade. Goldman Sachs declined to comment, while Gangwal, Morgan Stanley India, and J.P. Morgan India did not immediately respond to Mint's requests for comment. Gangwal has been gradually reducing his stake in the airline following a settlement agreement with co-founder Rahul Bhatia. He sold a 5.83% stake on 29 August 2024, after offloading an identical stake on 11 April 2024. IndiGo reported a 62% surge in profit in the fourth quarter ended March, driven by a spike in air travel during the Mahakumbh festival in January and February. In its recent earnings call, the company said it has damp-leased six Boeing 737 widebody aircraft to support international expansion, with one already deployed on the Delhi–Bangkok route. The airline is also betting on cargo revenue as a major growth opportunity. Management noted that India currently accounts for a single-digit share of international air cargo, indicating significant upside potential.
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Business Standard
4 days ago
- Business
- Business Standard
Rakesh Gangwal, family trust sell 5.7% stake in IndiGo for Rs 11,385 crore
InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday sold a 5.7 per cent stake in the airline for about Rs 11,385 crore ($1.33 billion) through a block deal, according to sources. Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has also participated in the transaction for divesting its stake in IndiGo, the country's largest airline, the sources said. Investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company and J P Morgan India are the placement agents for the stake sale, they added. Before the latest transaction, Gangwal and the family trust together owned about 13.5 per cent in IndiGo. As per the latest block deal, up to 2.2 crore equity shares were sold at a floor price of Rs 5,175 per share, as per the updated term sheet seen by PTI. The total number of shares has been raised from the initial 13.2 million shares (1.32 crore shares) worth around $803 million (around Rs 6,831 crore) mentioned in the earlier term sheet. The floor price is at a 4.5 per cent discount compared to the closing price of Rs 5,420 per share on Monday. The sources said 2.2 crore shares amount to around 5.7 per cent stake in the company, and the offer size, based on the floor price, is pegged at around $1.33 billion or about Rs 11,385 crore. The share sale, executed through multiple tranches on BSE and NSE, is entirely secondary in nature. As part of the deal structure, a 150-day lock-up period will apply to the vendors and their immediate relatives, barring one exception -- they may transfer shares worth at least $300 million to a single investor or investor group through a negotiated transaction, subject to certain pricing and lock-up conditions. In August 2024, Rakesh Gangwal's family trust sold a 5.24 per cent stake in the airline for Rs 9,549 crore. Before that, Gangwal had sold shares of IndiGo in March. The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues. Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in IndiGo. In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore. In February 2023, Shobha Gangwal divested a 4 per cent stake in the company for Rs 2,944 crore. Later in August, Shobha Gangwal sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore.
Mint
4 days ago
- Business
- Mint
IndiGo promoter Rakesh Gangwal to sell $1.35 billion stake in block deal
Mumbai: IndiGo co-founder and promoter Rakesh Gangwal is expected to sell shares worth $1.35 billion in the airline through a block deal on 27 May, according to a term sheet accessed by Mint. On Monday, Mint reported that Gangwal was expected to sell shares worth $803 million via a block deal. However, the transaction size has since grown, according to the latest term sheet reviewed by Mint. Under the updated terms, Gangwal and his Chinkerpoo Family Trust are set to offload 22.1 million shares, or a 5.7% stake, at an offer price of ₹ 5,230.5 per share in InterGlobe Aviation Ltd, which operates IndiGo, India's largest airline. This price reflects a 3.5% discount to the stock's Monday closing price of ₹ 5,420 on the BSE. As of 30 March 2025, Gangwal held a 5.3% stake in the company, while the Chinkerpoo Family Trust owned 8.23%, according to BSE data. In contrast, as of November 2015, Gangwal owned 16.89% of IndiGo, and the trust held 15.64%, highlighting the significant reduction in their combined holdings over time. Goldman Sachs (India) Securities Pvt, Morgan Stanley India Co, and J.P. Morgan India Pvt are arranging the trade. Goldman Sachs declined to comment, while Gangwal, Morgan Stanley India, and J.P. Morgan India did not immediately respond to Mint's requests for comment. IndiGo's shares have gained about 18% over the past year, closing 1.76% lower at ₹ 5,420 per share on the BSE on Monday. Gangwal has been gradually reducing his stake in the airline following a settlement agreement with co-founder Rahul Bhatia. He sold a 5.83% stake on 29 August 2024, after offloading an identical stake on 11 April 2024. IndiGo reported a 62% surge in profit in the fourth quarter ended March, driven by a spike in air travel during the Mahakumbh festival in January and February. In its recent earnings call, the company said it has damp-leased six Boeing 737 widebody aircraft to support international expansion, with one already deployed on the Delhi–Bangkok route. The airline is also betting on cargo revenue as a major growth opportunity. Management noted that India currently accounts for a single-digit share of international air cargo, indicating significant upside potential. 'Indigo has a sturdy footing in its domestic business while enjoying over 60% market share. While covering over 89 destinations, the company has access to key ground slots at all prime airports,' Axis Securities said in a 16 April report. The brokerage said the low-cost airline can benefit from better infrastructural spending at current key airports and further spending on building new airports at freshly recognised key micro markets.
