IndiGo co-founder's family to sell stake up to Rs 7,500 crore?

News Network
June 12, 2023

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Mangaluru, June 12: The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline's parent InterGlobe Aviation Ltd, worth up to Rs 7,500 crore ($909.58 million), CNBC Awaaz said in a report, citing sources.

Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.

The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15, the report said.

Shobha Gangwal had cut her stake in the company by over 4% in February.

Interglobe Aviation and a representative for the Gangwal family did not immediately respond to Reuters' request for comment.

Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years.

Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.

Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report.

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News Network
September 20,2024

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The Israeli military has carried out airstrikes against the Lebanese capital Beirut. On Friday, the military said it had staged a “targeted strike” against the city.

At least five children are among those killed in the attack.

Lebanon’s al-Mayadeen television network said a drone had fired several missiles against Beirut’s heavily-populated Dahiyeh suburb.

According to Lebanon’s official National News (NNA), “five children were martyred in the hostile airstrike.”

The agency added that an F35 jet targeted residential areas with two strikes.

Media outlets cited sources as saying that the attack targeted Ibrahim Aqil, a senior commander of Lebanon’s Hezbollah resistance movement.

Aqil is a member of Hezbollah’s Jihad Council, which is responsible for directing the group’s military and security activities.

He has replaced Fuad Shukr, who was assassinated in an Israeli targeted killing attack against Beirut on July 30. 

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News Network
September 19,2024

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Ramanagara, Sep 19: A case of rape, sexual harassment and criminal intimidation has been registered against BJP MLA Munirathna and six others, police said on Thursday.

It was registered following the complaint of a 40-year-old woman who alleged that the incident took place at a private resort within the Kaggalipura police station’s jurisdiction.

“We received a complaint on Wednesday night and based on it, we have registered case against seven people, including the BJP MLA under various sections for rape by public servant, sexual harassment, criminal intimidation, criminal conspiracy, voyeurism, intentional insult with intent to provoke breach of peace, Information Technology Act, and others,” a senior police officer said.

The matter is being investigated, he said.

The fresh FIR against the BJP MLA, also a former Minister, comes days after he was arrested by the Bengaluru Police in connection with the two cases filed against him for alleged harassment, threats and casteist abuse, police said.

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News Network
September 23,2024

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Nagpur: Union Minister Nitin Gadkari on Sunday teased his cabinet colleague Ramdas Athawale over his ability to hold onto his cabinet spot across multiple governments. "It may not be guaranteed that our government will return for a fourth term, but what is definitely guaranteed is that Ramdas Athawale will become a minister," he remarked at an event in Maharashtra's Nagpur.

The playful jibe, with Mr Athawale present on stage, was followed by Mr Gadkari clarifying that he was "just joking."

Mr Athawale, leader of the Republican Party of India (RPI), has served as a minister three times and expressed confidence in continuing his streak if the BJP returns to power.

Mr Athawale on Sunday said his party RPI (A), an ally in the ruling Mahayuti government in Maharashtra, should get to contest on at least 10 to 12 seats in the upcoming assembly elections. Addressing a press conference in Nagpur, Mr Athawale said the RPI-A will contest the election on its party symbol and ask for three to four seats in Vidarbha, including north Nagpur, Umred (Nagpur), Umarkhed in Yavatmal and Washim.

Mr Athawale's party is part of the Mahayuti alliance, comprising the BJP, Shiv Sena led by Chief Minister Eknath Shinde and Ajit Pawar's NCP.

The Union minister said, "The RPI-A has made a list of 18 probable seats, which it will be sharing with the Mahayuti partners in a few days and expects to get at least 10 to 12 seats in the seat-sharing pact." He said the BJP, Shiv Sena and NCP should give four seats each from their quota for his party.

In Palghar earlier this week, Mr Athawale claimed that due to the inclusion of the Ajit Pawar-led NCP in the Mahayuti government, the RPI (A) did not get any ministerial berth in the state despite a promise.

He claimed that the party was promised cabinet positions, chairmanship of two corporations, and roles in district-level committees, but all this could not happen because of Pawar's inclusion.

The elections to 288 assembly seats in Maharashtra are likely to be held in November.

In the current assembly, the BJP is the single largest party with 103 MLAs, followed by Shiv Sena 40, NCP 41, Congress 40, Shiv Sena (UBT) 15, NCP (SP) 13 and others 29. Some seats are vacant. 

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