A day after it was reported that IndiGo co-founder and former promoter Rakesh Gangwal is planning to pick up a stake in low-cost carrier SpiceJet, a banker close to him on Saturday rubbished the claims and said that Gangwal has no intentions to do so.
As per the latest company data, Gangwal and his wife Shobha Gangwal held 13.23 per cent (5,10,21,132 shares) and 2.99 per cent stakes, respectively in IndiGo operator InterGlobe Aviation as of June-end, while the family-owned Chinkerpoo Family Trust holds a 13.5 per cent stake.
The banker, speaking to the Economic Times, said Gangwal still owns 25 per cent of IndiGo and doesn’t have any interest in investing more in SpiceJet.
“He still owns 25% in IndiGo. It doesn’t make the remotest sense for him to invest in SpiceJet...Moreover, he sees SpiceJet as a dying airline,” said the banker.
Shares of SpiceJet Ltd rallied nearly 18 per cent in Friday's trade after ET Now reported that Gangwal was in advanced stage of talks to acquire a stake in the BSE-listed firm.
Gangwal “is upset that retail investors are misguided thus, He would like to appeal to the Sebi to investigate the root of such baseless rumours,” the banker added.
14/10/2023 Business Today
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