Why is Rakesh Gangwal selling his Indigo stake?

Shobha Gangwal, the promoter of InterGlobe Aviation, sold a 2.9 percent share in the company in an open market transaction for Rs 2,800 crore on Wednesday. Shobha Gangwal is the wife of Rakesh Gangwal, co-founder of InterGlobe Aviation, the parent company of IndiGo, India's largest airline. The stock was sold in three bulk transactions.

2.9% Stakes Sold

384,120 shares were sold in two tranches at Rs 2,440.92 and Rs 2,427.09, respectively. These shares are worth a total of Rs 2,801.79 crore. Shobha Gangwal has sold a 2.9 percent share in the company. 2,457.60 when compared to those sold at a Rs. Rakesh Gangwal and his wife Shobha Gangwal owned 13.23% and 2.99% of the company, respectively, at the end of the June quarter. Shobha Gangwal, trustee of the Chinkarpoo Family Trust, and JP Morgan Trust Company of Delaware own 13.50 percent of the company.