Southwest Air Rises After Billionaire Gangwal Buys $108 Million of Shares
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Southwest Airlines Co. shares are climbing after board member and billionaire co-founder of InterGlobe Aviation Ltd., Rakesh Gangwal, purchased about $107 million worth of the company’s stock, according to Securities and Exchange Commission filings on Thursday.
In a series of transactions disclosed over seven filings, Gangwal acquired 3.6 million of the carrier’s common shares for roughly $29 apiece. In addition to Gangwal, Gary Kelly, the executive chairman of the board, also bought shares.