Southwest Airlines Co. shares have been rising after Rakesh Gangwal, a Indian billionaire co-founder of InterGlobe Aviation Ltd. and a member of Southwest’s board, purchased about $107 million worth of the airline’s stock, according to recent SEC filings.
In a series of transactions detailed across seven filings, Gangwal bought 3.6 million shares at around $29 each. Gary Kelly, the board’s executive chairman, also made some purchases.
The shares were acquired at prices ranging from
$29 to $30 each.
Gangwal was appointed to the Southwest board in July, following calls from activist investor Elliott Investment Management for significant changes in the company’s leadership and strategy.
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