Rakesh Gangwal, the co-founder of IndiGo airlines has brought in Citigroup, Goldman Sachs, Morgan Stanley and JP Morgan to manage the sale of his shares in the airlines.
Last year, the shareholders of IndiGo approved the amendment of the Articles of Association of the company that enabled Mr. Gangwal to sell his stake without the approval of his co-founder Mr. Rahul Bhatia. Both the founders were stuck in a legal feud for several years over abuse of power and related party transactions. This ended with Mr. Gangwal resigning from the Board in February.
Mr. Gangwal and his wife Shobha along with their family trust hold 36.6% stake in InterGlobe Aviation, the parent company of IndiGo, valued around Rs 28,097 crores.
Mr. Bhatia currently serves as MD of IndiGo. Recently, Mr. Gangwal, an IIT Kanpur Alumnus, donated Rs 100 crore to the college. He will now serve as a member on their advisory Board.
The stock of IndiGo has been stuck in a range for the past few weeks as it currently trades around Rs 1993.25.
Highlight by Aman Agarwal.