Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Co-promoter <keyword id="843530" type="General" weightage="80" keywordseo="rakesh-gangwal" source="Orion">Rakesh Gangwal</keyword>’s wife, <keyword id="3108991" type="General" weightage="80" keywordseo="shobha-gangwal" source="Orion">Shobha Gangwal</keyword> is the likely seller in the block deal executed on Thursday, as per media reports.</li><li>Last September, Rakesh <keyword id="924639" type="General" weightage="80" keywordseo="gangwal" source="Orion">Gangwal</keyword> was reportedly looking to sell 2.8% stake in the low cost airline for approximately $250 million.</li><li>As of December 2022, Shobha Gangwal owns 7.04% stake in the company while co-founder Rakesh Gangwal holds 13.24% stake.</li></ul>Shares of <keyword id="6354706" type="General" weightage="100" keywordseo="indigo" source="Orion">IndiGo</keyword> tumbled over 4.5% on Thursday after several large block deals were executed during the day, with 18 million shares exchanging hands. The stock closed at ₹1,897 per share. Co-promoter Rakesh Gangwal’s wife, Shobha Gangwal is known to have sold 4% of her stake in the company via block deals, according to <a href="https://www.moneycontrol.com/news/business/stocks/indigo-crashes-after-large-block-deal-shobha-gangwal-likely-seller-10093341.html">media reports</a>. As per CNBC-TV18, the floor price for the block deal was set at ₹1,875 per share and Goldman Sachs was appointed as the broker. Last September, Rakesh Gangwal <a href="https://www.livemint.com/companies/news/rakesh-gangwal-to-sell-2-8-stake-in-indigo-for-250-million-in-block-deal-11662558562338.html">was reportedly looking to</a> sell 2.8% stake in the low cost airline for approximately $250 million. As of December 2022, Shobha Gangwal held 7.04% stake in the company while the airline’s co-founder Rakesh Gangwal held 13.24% stake. The promoter group currently owns a majority 71.92% stake in the airline. <keyword id="1697775" type="General" weightage="50" keywordseo="kapil-bhatia" source="Orion">Kapil Bhatia</keyword> and <keyword id="325253" type="General" weightage="50" keywordseo="rahul-bhatia" source="Orion">Rahul Bhatia</keyword> hold 0.01% stake each while <keyword id="16015993" type="General" weightage="50" keywordseo="asha-mukherjee" source="Orion">Asha Mukherjee</keyword> held 0.32% in the airline. Rahul Bhatia is the promoter and managing director of the airline. The market capitalization of the aviation company stood at ₹73,159 crore. Shares of the company have fallen over 9% in the last one month. Earlier this month, Indigo reported its highest ever quarterly revenue of ₹15,410 crore in Q3, on the back of strong demand during the peak travel season. Net profit of the airline rose to ₹1,422 crore as compared to ₹129 crore last year. Last quarter, it had posted a net loss of ₹1,583 crore. “Third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel. The wide range of initiatives that were set in motion across the organization have started to yield results,” said <keyword id="4490438" type="General" weightage="50" keywordseo="pieter-elbers" source="Orion">Pieter Elbers</keyword>, CEO of Indigo. Total expenses for the quarter ended December 2022 were ₹13,986 crore, an increase of 49.6% over the same quarter last year. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-becomes-the-number-one-team-in-all-formats-in-icc-rankings/slidelist/97951749.cms">Indian cricket team drops to second position in tests after ICC corrects its mistake</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/fantastic-voyage-star-and-60s-sex-symbol-raquel-welch-passes-away-at-82/articleshow/97967923.cms">'Fantastic Voyage' star and '60s sex symbol Raquel Welch passes away at 82</a>

IndiGo stock slips 4.5% as 18 million shares exchange hands via block deals

<ul><li><keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> co-founder <keyword id="843530" type="PERSON" weightage="20" keywordseo="Rakesh-Gangwal">Rakesh Gangwal</keyword> has called for an exceptional general meeting of the board.</li><li>He’s pushing for a resolution that would allow him to sell his stake in the airline without seeking the permission of his partner and the one who’s feuding against – Rahul Bhatia. </li><li>Shares of Interglobe Aviation jumped 3.08% to ₹1374, as hopeful investors think the feud might finally be coming to an end. </li></ul>It’s a new year and the saying to keep your problems in the old one - doesn’t seem to suit Rakesh Gangwal. The US-based billionaire Indigo co-founder has called for an exceptional general meeting of the board. He is pushing for a resolution that would allow him to sell his stake in the airline without seeking the permission of his partner and the one he’s fighting with – Rahul Bhatia. The war of the founders is another blow to the Indian aviation industry where many carriers are in trouble – from Jet Airways shutting shop to a debt ridden Air India struggling to make ends meet. But the news of the meeting made Indigo investors happy. Shares of Interglobe Aviation jumped 3.08% to ₹1374, as hopeful investors think the feud might finally be coming to an end. This could also lead to the possibility of an existing promoter leaving or a strategic investor coming on board. The call for the meeting could be Gangwal’s indication that he is giving up on a fight that has lasted for at least a year now. Or it could be his last try to have a greater say on the board, says an aviation expert. <table><tbody><tr><td></td><td>Name of the Shareholder</td><td>Shares</td><td>Percentage of total</td></tr><tr><td>1.</td><td>Rohini Bhatia</td><td>10,000</td><td>0</td></tr><tr><td>2.</td><td>INTERGLOBE ENTERPRISES PRIVATE LIMITED</td><td>145,706,774</td><td>37.88</td></tr><tr><td>3. </td><td>Shobha Gangwal</td><td>32,310,461</td><td>8.4</td></tr><tr><td>4.</td><td>The Chinkerpoo Family Trust (Trustee: Shobha Gangwal &amp; J. P. Morgan Trust Company of Delaware)</td><td>52,263,313</td><td>13.59</td></tr><tr><td>5.</td><td>Rakesh Gangwal</td><td>56,421,132</td><td>14.67</td></tr><tr><td>6.</td><td>Kapil Bhatia</td><td>50,000</td><td>0.01</td></tr><tr><td>7.</td><td>Rahul Bhatia</td><td>40,000</td><td>0.01</td></tr><tr><td>8.</td><td>Asha Mukherjee</td><td>1,250,688</td><td>0.33</td></tr><tr><td>9.</td><td>Alok Mehta</td><td>255</td><td>0</td></tr></tbody></table> “Gangwal probably tried to make it a reasonable bargain in terms of having a say in what is going on. He is talking about improving the governance – an equal number of people representing major shareholders. If that doesn’t happen, he will keep his options open. We have to wait for the meeting to understand more and see what really happens,” Amrit Pandurangi, an aviation expert told Business Insider. The logic behind the EGM Experts believe that Gangwal hopes that with this EGM, members of the board will understand his logic or argument. He will insist that special policy decisions or strategy decisions have to be taken when the full board is present. Earlier, Gangawal raised questions on the governance of Indigo and related party transactions. “Suppose he does not have this, even if he wants to exit he would like to do this from a position of strength rather than as somebody who did not get support and is that’s why moving out. But whether he wants to or not, remains to be seen. We should not look so far yet,” said Pandurangi. ‘Lack of checks and balances’ In June last year, Gangwal wrote to the Securities and Exchange Board of India (SEBI), alleging multiple violations at Indigo. This led to the differences between Gangwal and Bhatia coming out in the open. Gangwal had then written that he had entered into a shareholder’s agreement with Bhatia, which gave the latter controlling rights over the majority of decisions at Indigo. “I hadn't contemplated that over the years, Bhatia would start building an ecosystem of other companies that would enter into dozens of related party transactions with IndiGo. We are not against RPTs as long as proper checks and balances exist and such RPTs are in the best interest of the Company,” Gangwal <a href="https://www.cnbctv18.com/aviation/read-full-text-of-indigo-co-founder-rakesh-gangwals-letter-to-sebi-3948801.htm">wrote in the letter.</a> SEE ALSO <a href="https://www.businessinsider.in/business/news/without-buyer-ai-might-be-forced-to-shut-down-in-six-months-airline-official/articleshow/73031626.cms">Air India might shut down in 6 months if it isn't sold, says official</a> <a href="https://www.businessinsider.in/careers/news/india-has-made-commercial-pilot-licences-faster-and-easier-to-beat-the-shortage-in-airlines-most-expensive-asset/articleshow/73032441.cms">India has made commercial pilot licences faster and easier to beat the shortage in airlines' most-expensive asset</a>

One of Indigo’s promoters – Rakesh Gangwal – wants more say or a way out

New Delhi, Nov 14 () Amid ongoing feud between the airline's promoters, IndiGo CEO Ronojoy Dutta on Thursday said there is "zero impact" on the carrier right now as they are on the same page over the airline's strategic direction.
The differences between co-founders and co-promoters -- Rakesh Gangwal and Rahul Bhatia -- came to the fore in July after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company.
They are the promoters of InterGlobe Aviation which operates IndiGo, the country's largest airline in terms of domestic market share.
About the feud, Dutta said as far as the airline is concerned, it was only directly involved in the Related Party Transactions (RPTs).
"That has been resolved completely... Now that RPTs have been removed from the table, we have no more interest in this matter," he told in an interview here.
In the wake of the allegations, the company has also came under the lens of Sebi and the corporate affairs ministry.
"Right now, it (promoters' feud) has zero impact. When the RPT issue was there, we were involved. Now, they are doing what they do, and that doesn't affect us at all," he said in response to a query about the warring promoters.
According to Dutta, there are some issues between the promoters but that is not affecting the airline.
"If two of the promoters are having a side discussion on some agreement signed 12 years ago, it doesn't affect us at all.
"It is not a overhang on the company because they agree on the direction of the company... there is such unity of view on the strategic direction of the company, really there is no controversy," he emphasised.
On whether there are concerns about corporate governance ways at the company, Dutta replied in the negative.
"Not a concern because the only governance issue was that of RPTs. Otherwise, we are functioning smoothly as a well orchestrated board. Very professionally run," he said.
On October 1, InterGlobe Enterprises and Bhatia sought arbitration proceedings in the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015.
The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal -- the RG Group -- and InterGlobe Aviation. RAM BAL
BAL

You Searched For "shobha gangwal" and got 3 results

IndiGo stock slips 4.5% as 18 million shares exchange hands via block deals

Bhakti Makwana

One of Indigo’s promoters – Rakesh Gangwal – wants more say or a way out

Sanchita Dash

Promoters' feud has 'zero impact' on IndiGo, says CEO

PTI

Popular Keywords

Buying Guides