InterGlobe Aviation, the parent firm of Indian budget carrier IndiGo Airlines (6E, Delhi International), has announced that two of its founding shareholders have disposed of a total 2.91% stake in the firm.
In a filing to the Mumbai Stock Exchange last week, InterGlobe said Acquire Services, a special purpose vehicle, would sell up to 7,952,807 equity shares representing 2.07% of the total paid-up equity share capital of the company while IGE (Mauritius) (a second SPV) proposed to sell 3,240,000 equity shares, representing 0.84% of the total paid-up equity share capital of the Company, each with a face value of INR10 (USD0.15). Overall, the sale was expected to raise INR12.65 billion rupees (USD196.48 million).
InterGlobe said the sale would allow it to meet Securities and Exchange Board of India (SEBI) conditions which require listed companies to have at least 25% public shareholding.
