Latest news with #Gangwal
India.com
a day ago
- Business
- India.com
This Indian called his business ‘Paan Ki Dukaan' but earned Rs 300000000000 from it by selling…, his name is…, business is…
India's largest airline, IndiGo, is again in the spotlight over its co-founders, Rakesh Gangwal and Rahul Bhatia. Gangwal had once likened IndiGo to 'paan ki dukaan' (betel shop). The company he once criticized has given a huge amount of profits. Recently, 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. IndiGo's Dispute IndiGo Airlines was co-founded in 2006 by Rahul Bhatia and Rakesh Gangwal. It had become India's largest domestic airline. However internal conflicts also started between two co-founders. Gangwal raised concerns about the board's functioning, transparency, and corporate governance. He started reducing his stake in the company, and tensions between the two founders came openly into public domain. The high point was in 2019 when Gangwal spoke on the company's governance by calling it a 'paan ki dukaan'. In response, Bhatia told the media, 'If it's a paan ki dukaan, it's running very well.' Gangwal started being away from the company's control but also earned huge profits from shares sold. Gangwal's Huge Profit In Shares 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. In August 2024, Rakesh Gangwal's family trust sold a 5.24 percent stake in the airline for Rs 9,549 crore. Before that, he had sold shares in March. U p to date, he has earned over Rs 30,000 crore from his stake in IndiGo. Despite the rift between its co-founders, IndiGo is still the largest of the Indian Airlines.
Time of India
a day ago
- Business
- Time of India
High valuations trigger global investor cashout
Representative image NEW DELHI: The surge in repatriation or disinvestment by investors was driven by overseas players seeking to cash in on higher valuations in India. They exited through IPOs, stock market sales, and "private arrangements," with Singtel's share sale in Bharti Airtel, IndiGo co-founder Rakesh Gangwal's sale through block deals in IndiGo parent Interglobe, and Hyundai's dilution through the public issue in its Indian arm being the top contributors. Official data accessed by TOI showed that during the last financial year, 95% of the disinvestment or repatriation was related to these three categories, with two-thirds of all divestments happening through the stock market route. Overall, 58% of the remittances were linked to stock market transactions, while another 28% were on account of private arrangements, including private placements and preferential allotments. As Gangwal sold more shares in Interglobe and BAT announced a fresh sale in ITC, the trend has continued into the current fiscal year as well. The two transactions in as many days between them garnered a little under Rs 25,000 crore (around $2.9 billion). Latest data released by RBI pegged disinvestment of shares in Indian entities during the last financial year at over $51 billion. Along with outward FDI of $29 billion, this resulted in net FDI inflows of just under $400 million, 96% lower than the previous year. In its monthly Bulletin, RBI described it as "a sign of a mature market where foreign investors can enter and exit smoothly, reflecting positively on the Indian economy. " Govt sources, however, said that too much should not be read into the numbers as foreign players, particularly private equity investors, were exiting a part of their investment in domestic companies at a premium. Apart from the Hyundai parent, investors in Swiggy and rival Eternal (formerly Zomato) also decided to book profits on their investments in the two food delivery companies. When it comes to outward FDI, the Mittals of Bharti Group acquired a stake in BT Group in the UK, apart from several other companies seeking to tap into opportunities overseas. "That Indian overseas direct investment increased nearly by $12.5 billion during FY25, even as uncertainty reigned in the world, warrants attention, especially given their cautious attitude towards domestic investment," the finance ministry's monthly economic report said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
2 days ago
- Business
- Mint
IndiGo shares edge higher on appointment Vikram Singh Mehta as Chairman of the Board
Shares of InterGlobe Aviation Ltd, the parent company of IndiGo Airlines, edged higher by nearly 1 percent in intra-day trading on Wednesday, May 28, after Vikram Singh Mehta has been appointed as IndiGo's Chairman of the Board, succeeding Venkataramani Sumantran. The press filing stated that Dr. Sumantran, who assumed the chairmanship in May 2022, played a pivotal role in guiding IndiGo's Board during a critical post-COVID phase. Under his leadership, the airline navigated a robust recovery and recorded remarkable growth over the past three years, solidifying its market leadership. Meanwhile, it added that Vikram Singh Mehta brings decades of rich experience across public administration, policy, and corporate leadership. His career began with the Indian Administrative Services (IAS) in 1978, where he served for two years before transitioning to the private sector. He is currently Chairman of the Centre for Social and Economic Progress, a prominent public policy think tank, and has also held the roles of Executive Chairman at Brookings India and Senior Fellow at the Brookings Institution. In the corporate world, Mehta is best known for his long stint as Chairman of the Shell Group of Companies in India. He also served as CEO of Shell Markets and Shell Chemicals in Egypt. Over the years, he has held board positions at leading Indian corporates including Colgate Palmolive (India) Limited, Mahindra & Mahindra Limited, and Larsen & Toubro Limited. On May 27, 2025, Rakesh Gangwal sold 22.10 lakh equity shares of InterGlobe Aviation through the open market, amounting to a 0.57 percent stake. Following this sale, Gangwal's holding in the company declined to 1.82 crore shares or 4.73 percent, down from 2.05 crore shares or 5.30 percent before the transaction. The total share capital of the company remained unchanged at 38.64 crore shares, confirming that the dilution resulted solely from the promoter's offloading and not from any capital restructuring. According to reports, global investment banks Goldman Sachs, Morgan Stanley, and JPMorgan are managing the latest stake sale. The move is in line with Gangwal's previously announced intention to gradually exit the airline. Having stepped down from IndiGo's board in 2022, Gangwal has steadily trimmed his holding over the last few years. Since February 2022, Gangwal and his family have pared their stake from 36.6 percent to 13.5 percent as of the latest sale. In September 2022, the Gangwals sold a 2.74 percent stake for ₹ 2,005 crore, followed by a 4 percent stake sale by Shobha Gangwal in February 2023 for ₹ 2,944 crore. Later in August 2023, she divested nearly 2.9 percent for over ₹ 2,800 crore. Despite Gangwal's stake sale, IndiGo's stock performance remained resilient, supported by a strong operational performance in the March quarter. The airline reported a 62 percent year-on-year increase in net profit to ₹ 3,067 crore, aided by high travel demand during the Maha Kumbh Mela and wedding season. This marked the second-highest quarterly profit in IndiGo's history. Revenue for the quarter stood at ₹ 22,152 crore, up 24 percent from ₹ 17,825 crore in the same quarter last year. However, for the full financial year ended March 2025, the airline reported a net profit of ₹ 7,258 crore, down 11 percent year-on-year. Key performance indicators like yield rose 2.4 percent year-on-year to ₹ 5.32 per kilometre, while the passenger load factor improved by 1.1 percentage points to 87.4 percent. IndiGo shares hit an intraday high of ₹ 5,355.70 on May 28, rising 0.8 percent. Earlier this month, the aviation stock touched its 52-week high, while its 52-week low of ₹ 3,778.50 was recorded in October 2024. The stock has been on a consistent uptrend, gaining nearly 2 percent so far in May and extending its winning streak for the fourth consecutive month. It rose 2.6 percent in April, 14.2 percent in March, and 3.5 percent in February, though it dipped 5 percent in January. Over the past one year, the stock has delivered a stellar return of more than 27 percent.
Mint
2 days ago
- Business
- Mint
IndiGo shares edge higher on appointment of Vikram Singh Mehta as Chairman of the Board
Shares of InterGlobe Aviation Ltd, the parent company of IndiGo Airlines, edged higher by nearly 1 percent in intra-day trading on Wednesday, May 28, after Vikram Singh Mehta has been appointed as IndiGo's Chairman of the Board, succeeding Venkataramani Sumantran. The press filing stated that Dr. Sumantran, who assumed the chairmanship in May 2022, played a pivotal role in guiding IndiGo's Board during a critical post-COVID phase. Under his leadership, the airline navigated a robust recovery and recorded remarkable growth over the past three years, solidifying its market leadership. Meanwhile, it added that Vikram Singh Mehta brings decades of rich experience across public administration, policy, and corporate leadership. His career began with the Indian Administrative Services (IAS) in 1978, where he served for two years before transitioning to the private sector. He is currently Chairman of the Centre for Social and Economic Progress, a prominent public policy think tank, and has also held the roles of Executive Chairman at Brookings India and Senior Fellow at the Brookings Institution. In the corporate world, Mehta is best known for his long stint as Chairman of the Shell Group of Companies in India. He also served as CEO of Shell Markets and Shell Chemicals in Egypt. Over the years, he has held board positions at leading Indian corporates including Colgate Palmolive (India) Limited, Mahindra & Mahindra Limited, and Larsen & Toubro Limited. On May 27, 2025, Rakesh Gangwal sold 22.10 lakh equity shares of InterGlobe Aviation through the open market, amounting to a 0.57 percent stake. Following this sale, Gangwal's holding in the company declined to 1.82 crore shares or 4.73 percent, down from 2.05 crore shares or 5.30 percent before the transaction. The total share capital of the company remained unchanged at 38.64 crore shares, confirming that the dilution resulted solely from the promoter's offloading and not from any capital restructuring. According to reports, global investment banks Goldman Sachs, Morgan Stanley, and JPMorgan are managing the latest stake sale. The move is in line with Gangwal's previously announced intention to gradually exit the airline. Having stepped down from IndiGo's board in 2022, Gangwal has steadily trimmed his holding over the last few years. Since February 2022, Gangwal and his family have pared their stake from 36.6 percent to 13.5 percent as of the latest sale. In September 2022, the Gangwals sold a 2.74 percent stake for ₹ 2,005 crore, followed by a 4 percent stake sale by Shobha Gangwal in February 2023 for ₹ 2,944 crore. Later in August 2023, she divested nearly 2.9 percent for over ₹ 2,800 crore. Despite Gangwal's stake sale, IndiGo's stock performance remained resilient, supported by a strong operational performance in the March quarter. The airline reported a 62 percent year-on-year increase in net profit to ₹ 3,067 crore, aided by high travel demand during the Maha Kumbh Mela and wedding season. This marked the second-highest quarterly profit in IndiGo's history. Revenue for the quarter stood at ₹ 22,152 crore, up 24 percent from ₹ 17,825 crore in the same quarter last year. However, for the full financial year ended March 2025, the airline reported a net profit of ₹ 7,258 crore, down 11 percent year-on-year. Key performance indicators like yield rose 2.4 percent year-on-year to ₹ 5.32 per kilometre, while the passenger load factor improved by 1.1 percentage points to 87.4 percent. IndiGo shares hit an intraday high of ₹ 5,355.70 on May 28, rising 0.8 percent. Earlier this month, the aviation stock touched its 52-week high, while its 52-week low of ₹ 3,778.50 was recorded in October 2024. The stock has been on a consistent uptrend, gaining nearly 2 percent so far in May and extending its winning streak for the fourth consecutive month. It rose 2.6 percent in April, 14.2 percent in March, and 3.5 percent in February, though it dipped 5 percent in January. Over the past one year, the stock has delivered a stellar return of more than 27 percent. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hans India
2 days ago
- Business
- Hans India
IndiGo co-founder sells 5.8% stake worth `12k cr
New Delhi: Interglobe Aviation, the operator of IndiGo Airlines, saw its stock slipping nearly 3 per cent on Tuesday after its co-founder Rakesh Gangwal offloaded 2.26 crore shares worth nearly Rs11,928 crore in a block deal. The block sale constituted 5.8 per cent of Gangwal's stake in the leading budget airline, according to multiple reports. Gangwal had resigned from the board of InterGlobe Aviation in 2022 and remained one of IndiGo's largest shareholders. The floor price for the transaction has been pegged at Rs5,260 per share, representing a discount of around 3 per cent to the last closing price, according to reports. The stock, however, recovered from early losses and was trading at Rs5,318.00 apiece, down 1.88 per cent around 11 am. In the January–March quarter (Q4 FY25), IndiGo recorded a sharp 61.89 per cent year-on-year (YoY) jump in its consolidated net profit at Rs3,067.5 crore. This was up from Rs1,894.8 crore in Q4 FY24. Excluding foreign exchange impact, the profit rose 44.7 per cent to Rs2,981.1 crore in Q4, compared to Rs2,060 crore in the same quarter last fiscal. Revenue from operations in Q4 increased by 24.3 per cent to Rs22,151.9 crore, up from Rs17,825.3 crore in a year-ago period. The airline's EBITDAR (earnings before interest, taxes, depreciation, amortisation, and rent) also rose significantly by 57.5 per cent to Rs6,948.2 crore during the quarter.
