IndiGo co-founder Rakesh Gangwal's family trust sells big stake in airline

Rakesh Gangwal, co-founder of IndiGo Airlines, has sold 30% of his stake in InterGlobe Aviation, raising $1.3 billion through a block deal. The shares were sold at Rs 4,714.90 each following IndiGo's stock hitting a record high. Gangwal announced plans to reduce his holdings after resigning from the airline's board in February 2022. Gangwal and the Chinkerpoo Family Trust sold 22.5 million shares at Rs 4,714.90 each, amounting to nearly $1.3 billion or Rs 9,549 crore.