New Delhi, Mar 7 (PTI) InterGlobe Aviation's promoter Rakesh Gangwal is likely to sell more than a 3 per cent stake in the company through open market transactions, according to sources.

The company is the parent of the country's largest airline IndiGo.

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As of December 2023, promoters' of InterGlobe Aviation owned a 63.13 per cent stake in the company and Gangwal had an 11.72 per cent shareholding.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delaware, owned a 13.49 per cent stake, as per the shareholding data on the BSE.

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Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company.

As per the sources, shares amounting to more than 3 per cent stake are likely to be sold at a discount to Thursday's closing price of Rs 3,101.55 apiece. The scrip closed with a gain of 1 per cent after touching an intra-day high of Rs 3,128.95.

Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation and also said that he would gradually reduce his equity stake in the airline over the next five years.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)