Shobha Gangwal on Wednesday sold nearly 2.99 per cent of InterGlobe Aviation for nearly Rs 2,802 crore through open market transactions.

Shobha Gangwal is the wife of Rakesh Gangwal, who is the co-founder of IndiGo. InterGlobe Aviation is the parent of the budget carrier.

Data from the BSE showed that Gangwal sold these shares in three bulk deal transactions of nearly 38.4 lakh shares each.

In the first batch, 3,841,121 shares were sold at a price of Rs 2,426.21 per share, while two lots of 3,841,120 shares each were sold at prices of Rs 2,440.92 and Rs 2,427.09, respectively. At these prices, they were worth almost Rs 2,802 crore.

These deals led to the shares of InterGlobe Aviation finishing with losses of 3.56 per cent or Rs 90.75 at Rs 2,457.60 on the BSE. At the close, the airline had a market capitalisation of Rs 94,812.15 crore.

During the quarter ended June 30, 2023, Rakesh and Shobha Gangwal had 13.23 per cent and 2.99 per cent stakes, respectively, in the company.

The Chinkerpoo Family Trust, whose trustee is Shobha Gangwal and JP Morgan Trust Company of Delware, owned a 13.50 per cent stake.

In February this year, Shobha Gangwal had offloaded 4 per cent stake in the company for Rs 2,944 crore. Prior to that, in September last year, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore.

Rakesh Gangal had resigned as a director of InterGlobe Aviation in February 2022, after co-founder Rahul Bhatia was appointed as the managing director for five years.

The founders were earlier engaged in a long-running feud as Gangwal raised corporate governance issues in July 2019. It drew to a close in December 2021 when the shareholders voted in favour of a resolution that removed restrictions on share transfer to a third party.

While resigning, Gangwal had said that he has been a long-term shareholder for more than 15 years and that its ``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”.

The promoter and promoter group together had a 67.77 per cent stake in the company at the end of June.

IndiGo reported its highest-ever quarterly profit of Rs 3,090.6 crore in the first quarter ended June 30 2023 compared with a loss of Rs 1,064.3 crore in the same period of the previous year, following strong operational performance and favourable market conditions amid the withdrawal of Go First from the domestic skies.

InterGlobe Aviation, had also posted its highest-ever quarterly total income of Rs 17,160.9 crore during the period. The airline currently has more than 316 planes.