IndiGo Co-Founder Rakesh Gangwal Resigns From IndiGo’s Board
Rakesh Gangwal, a long-term shareholder in the parent company InterGlobe Aviation, will reduce his stakes in the company over a span of five years and may re-join as a board member at a later stage.
- Rakesh Gangwal’s resignation comes two weeks after Rahul Bhatia took charge as IndiGo’s Managing Director.
- Gangwal and his family entities own 36.61% of the stake in InterGlobe Aviation.
- He will sell his stakes at the airline over a span of five years.
Rakesh Gangwal, the co-promoter of IndiGo Airlines, resigned from the carrier’s parent company InterGlobe Aviation and hence, from its Board of Directors, with immediate effect. He was serving as a non-independent, non-executive Director at the company. In a letter written to the Board of Directors, Gangwal said that he would sell his stakes at the airline over a span of five years but may consider re-joining the board as a member at a later stage. His resignation came up hardly two weeks after Rahul Bhatia, the other promoter, took charge as IndiGo’s Managing Director. “I have been a long-term shareholder in the company for more than 15 years, and it’s only natural to someday think about diversifying one’s holdings. Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five-plus years,” Gangwal mentioned in his letter. Rakesh Gangwal and his family entities own 36.61% of the stake in InterGlobe Aviation. Based on the current market estimation, a valuation will value his stake at the company for Rs 29,900 crore. The other promoter Rahul Bhatia owns a 38% stake in InterGlobe Aviation. “However, I am concerned about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information,” Gangwal said in his letter. He mentioned that he sees a prospective future for IndiGo, especially with the industry consolidation.
Upcoming Greenfield Airports in India to Cater for the Needs of Growing Air Passenger Traffic
Have a breaking news, inside story, scoop?
Write to us, your anonymity is our priority at news [at] aviationscoop.com/
Want to be featured on Aviationscoop?
Send us your articles, stories, suggestions, feedback at news [at] aviationscoop.com
Latest Flight Review
No Recent Comments....!
- No Most discussed posts - 1 week ago....!
- No Trending posts - 1 weeks ago....!