Indigo Airlines New Delhi/IBNS: InterGlobe Aviation-owned airline IndiGo, on February 18 said co-founder Rakesh Gangwal has tendered his resignation as a director with immediate effect, media reports said.
In his resignation letter to the IndiGo board, Gangwal said he intends to gradually reduce his stake in InterGlobe “over the next five-plus years", Moneycontrol reported.
Gangwal owns 14.65 percent of InterGlobe while his wife Shobha Gangwal holds 8.39 percent stake.
"While new investors should benefit from the potential future growth in the Company's share price, a gradual reduction of my stake should also allow me to benefit from some of the upside," Gangwal said in a statement.
Gangwal and IndiGo's other co-founder Rahul Bhatia have been involved in a protracted dispute and his public intent to reduce stake in an airline he had co-founded indicates a new turn in the battle.
They are engaged in a dispute over the running of the airline.
"I am concerned about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information (UPS). As you are aware, on an ongoing basis, the Company provides us information and some of this is UPSI," his statement added, according to the report.
Gangwal also asked to be spared from being intimated any information of the company which is UPSI and added that post his resignation as Director, "there should be no reason to share such information".
He, however, said that he may consider participating again as a board member in the future.
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