InterGlobe Aviation, the parent company of IndiGo Airlines (6E, Delhi Int'l), has advised the Bombay Stock Exchange that it will place 33.5 million shares up for sale to qualified institutional buyers, of which 22.3 million are a new issuance.

As previously reported, the promotors are required to reduce their stake in IndiGo to 75% in order to comply with public company regulations. IndiGo was listed on the Mumbai Stock Exchange in November 2015, and InterGlobe currently holds about 85% of the company.

The new share sale, which is expected to be launched in the next week, could raise up to INR40 billion (USD625 million).