Indian-American millionaire businessman Rakesh Gangwal was born on July 25, 1952. He is a 25.2% stakeholder and co-founder of IndiGo Airlines. He served as US Airways Group’s chairman and former chief executive officer. Worldspan Technologies is a provider of travel technology and information services to the travel and transportation sector. Gangwal served as chairman, president, and chief executive officer of the company from June 2003 until August 2007. In addition to advisory work, Gangwal’s own business ventures throughout the years 2002 to 2003 included private equity enterprises. From 1998 till his departure in 2001, he served as the US Airways Group’s president and CEO.
Mumbai – According to press sources, promoter Rakesh Gangwal and businesses are expected to sell a 3.3% share in InterGlobe Aviation Ltd. through block transactions on Monday.
According to sources, the Gangwal family is expected to sell 1.28 lakh shares for more than Rs 3,700 crore.A 6% reduction to the current market price, or Rs 2,925 per share, has been set as the floor price for the sale. InterGlobe’s shares closed 1% higher at Rs 3,100 on the National Stock Exchange on Thursday.
According to rumours, the deal’s brokers are international financial firms Morgan Stanley and JPMorgan Chase.As members of the promoter group, Rakesh Gangwal, his wife Shobha Gangwal, and their family trust controlled over 34% of the airline in December 2022.Gangwal, a co-founder of the biggest carrier in India, had previously said that, upon leaving the board in February 2022, he would progressively cut back on his ownership stake. Shobha Gangwal has left the airline entirely.
Rakesh Gangwal owns 11.72% of IndiGo, the biggest airline in India, and his family trust, The Chinkerpoo Family Trust, owns 13.5% of the company as of December 2023.
Shobha Gangwal sold a 4% share in the firm for around Rs 2,944 crore on the open market in August 2023. The price of InterGlobe Aviation’s shares has increased by around 22% since then.
InterGlobe had a combined net profit of Rs 2,998 crore for the December quarter, an increase of 111% over the same period last year. Operations revenue reached Rs 19,452 crore, a 30% YoY increase.
