Rakeshgangwal, co-founder IndiGo, acquired 3.6 millions shares of American carrier Southwest Airlines at a cost of USD 108 million. Gangwal, a veteran of the aviation industry, joined Southwest Airlines in July of this year, when Elliott Investment Management, the airline’s largest shareholder, sought to make sweeping changes.
According to seven filings by Southwest to the US Securities and Exchange Commission, Gangwal purchased 3.6 millions shares of the airline in multiple transactions at prices ranging from USD 29-30 each.
According to the filings, the shares together are worth around USD108 million. The transactions took place on September 30th and October 1st.
The booking system has not been working since 12 noon. The system was briefly functional at 1:05 PM. The company said that their team was actively working to resolve the problem and assist passengers in ensuring a smooth trip.
In August, Gangwal sold a total 5.83 percent stake in the airline for approximately INR 10,500 billion.
After the share sale Gangwal’s stake at InterGlobe Aviation, parent company of IndiGo, dropped from 5.89 to 5.31 while Chinkerpoo Family Trust’s fell from 13.49 to 8.24.
The combined shareholdings of Gangwal and Chinkerpoo Family Trust have fallen from 19.38 to 13.55 percent.
In February 2022, after a disagreement with Bhatia’s, Gangwal resigned as a director of InterGlobe Aviation and said he would reduce his equity stake over the next five-year period.
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