(Bloomberg) -- 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.

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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.

Southwest’s shares rose as mcuh as 4.7% as of 2:40 p.m. in New York.

The company appointed Gangwal to its board in July amid demands for sweeping leadership and strategy changes from activist investor Elliott Investment Management. The move was criticized by Elliott, which said last week that it remained determined to call a special shareholder meeting so investors can vote on its slate of new directors to overhaul Southwest’s board.

“I believe changing the Board structure and top leadership beyond what has been already announced, would be counterproductive and not in the best interest of shareholders,” Gangwal said in a statement provided by Southwest on Wednesday. “With the opening of the Company’s trading window for insiders, I have made an investment in the Company’s stock.”

The transactions filed were:

Bloomberg publishes these bulletins when, on a single day, more than one insider from the same company files a Form 4 or a single insider makes multiple filings.

The updates exclude:

• Sales under SEC rule 10(b)5-1

• Examples where options are exercised with a sale or where the net shares transacted is 0

• Transactions involving indirectly owned stock

Story Link: Southwest Air Insiders Buy More Than $108 Million of Shares

--With assistance from Mary Schlangenstein.

(Updates shares and adds Gangwal statement. A previous version of this story corrected the value of shares purchased by Gangwal.)

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