IndiGo's co-promoter Rakesh Gangwal on Friday resigned from the board of directors of the parent company, InterGlobe Aviation Ltd., and said he would be gradually reducing his equity stake in the company over the next five years.
Mr. Gangwal and his associates own 36.61% in InterGlobe. He was a non-executive, non-independent director on the board.
"I have been a long-term shareholder in the company for more than 15 years and it's only natural to some day 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, though future events may impact my current thinking," Mr. Gangwal said in a statement that was shared by the company on the BSE's website.
