Latest news with #ShobhaGangwal
Time of India
3 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
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Business Standard
3 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.
The Print
4 days ago
- Business
- The Print
Rakesh Gangwal, family trust likely to sell 3.4 pc stake in IndiGo for Rs 6,831 cr
Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, will be divesting 3.4 per cent stake in IndiGo, the country's largest airline, the sources said. Gangwal, the co-founder of IndiGo, has been offloading his holding in a phased manner following a bitter fallout with co-founder Rahul Bhatia. New Delhi, May 26 (PTI) InterGlobe Aviation promoter Rakesh Gangwal and his family trust are likely to offload up to 3.4 per cent stake worth at least Rs 6,831 crore in the airline on Tuesday, according to sources. 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. Currently, Gangwal and the family trust together hold about 13.5 per cent in IndiGo. Under the proposed transaction, to be executed on May 27, up to 1.32 crore equity shares will be sold at a floor price of Rs 5,175 per share, as per the term sheet accessed by PTI. 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 1.32 crore shares will amount to around 3.4 per cent stake in the company and the offer size, based on the floor price, is pegged at around USD 803 million or about Rs 6,831 crore. The proposed share sale, to be done in multiple tranches on BSE and NSE, will be entirely secondary in nature and will not have any fresh issuance of equity. 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 USD 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. PTI HG RAM MR 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, family trust to sell 3.4% stake in airline via block trade worth ₹6,831 crore
New Delhi, May 26 (PTI) InterGlobe Aviation promoter Rakesh Gangwal and his family trust are likely to offload up to 3.4 per cent stake worth at least ₹ 6,831 crore in the airline on Tuesday, according to sources. Gangwal, the co-founder of IndiGo, has been offloading his holding in a phased manner following a bitter fallout with co-founder Rahul Bhatia. Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, will be divesting 3.4 per cent 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. Currently, Gangwal and the family trust together hold about 13.5 per cent in IndiGo. Under the proposed transaction, to be executed on May 27, up to 1.32 crore equity shares will be sold at a floor price of ₹ 5,175 per share, as per the term sheet accessed by PTI. The floor price is at a 4.5 per cent discount compared to the closing price of ₹ 5,420 per share on Monday. The sources said 1.32 crore shares will amount to around 3.4 per cent stake in the company and the offer size, based on the floor price, is pegged at around USD 803 million or about ₹ 6,831 crore. The proposed share sale, to be done in multiple tranches on BSE and NSE, will be entirely secondary in nature and will not have any fresh issuance of equity. 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 USD 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 ₹ 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 ₹ 2,005 crore. In February 2023, Shobha Gangwal divested a 4 per cent stake in the company for ₹ 2,944 crore. Later in August, Shobha Gangwal sold a nearly 2.9 per cent stake in the company for a little over ₹ 2,800 crore.
Time of India
4 days ago
- Business
- Time of India
Rakesh Gangwal, family trust likely to offload 3.4% stake in IndiGo for Rs 6,831 crore amid ongoing divestment
InterGlobe Aviation promoter Rakesh Gangwal and his family trust are expected to offload up to 3.4 per cent of their stake in IndiGo , valued at approximately Rs 6,831 crore, on Tuesday, according to sources. Gangwal, the co-founder of the airline, has been gradually reducing his holdings following a public fallout with co-founder Rahul Bhatia. In addition to Gangwal, the Chinkerpoo Family Trust, which is managed by Shobha Gangwal and the JP Morgan Trust Company of Delaware, will also sell its 3.4 per cent stake in IndiGo, India's largest airline, sources revealed, according to PTI report. The transaction is being managed by investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company, and JP Morgan India, which are acting as placement agents for the sale. Currently, Gangwal and the family trust collectively own about 13.5 per cent of IndiGo. Under the proposed sale, up to 1.32 crore equity shares will be offered at a floor price of Rs 5,175 per share, according to the term sheet seen by PTI. The floor price represents a 4.5 per cent discount to IndiGo's closing price of Rs 5,420 per share on Monday. The 1.32 crore shares on sale account for approximately 3.4 per cent of the airline's total equity, and the offer size, based on the floor price, is estimated to be around USD 803 million, or roughly Rs 6,831 crore. The share sale, which will be executed in multiple tranches on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), will be entirely secondary in nature, with no fresh equity issuance involved. A lock-up period of 150 days will apply to the vendors and their immediate relatives under the terms of the sale, with one exception. The vendors may transfer shares worth at least USD 300 million to a single investor or investor group through a negotiated transaction, subject to specific pricing and lock-up conditions. This proposed sale follows Gangwal's decision in February 2022 to reduce his stake in IndiGo, which stemmed from a prolonged dispute with co-founder Rahul Bhatia over corporate governance issues. As part of this gradual divestment, Gangwal's family trust had previously sold a 5.24 per cent stake in August 2024 for Rs 9,549 crore. Prior to that, Gangwal sold shares in March 2023. In September 2022, Rakesh Gangwal and Shobha Gangwal sold a combined 2.74 per cent stake for Rs 2,005 crore. In February 2023, Shobha Gangwal further divested a 4 per cent stake for Rs 2,944 crore, and later in August 2023, sold nearly 2.9 per cent for over Rs 2,800 crore. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
