BENGALURU (Reuters) - The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5% and 8% stake in the Indian airline's parent InterGlobe Aviation Ltd, worth up to 75 billion rupees ($909.58 million), CNBC Awaaz said in a report, citing sources.
Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.
Shobha Gangwal had cut her stake in the company by over 4% in February.
Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years.
Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.
Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report.
(This story has been refiled to correct a typo in paragraph 5)
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