InterGlobe Aviation share sale begins; stock down 3%

InterGlobe Aviation, the owner of India's biggest airline IndiGo, has dipped 3.3% to Rs 1,142 on the BSE in intra-day trade. The shares will be sold at a floor price of Rs 1,130 per share

InterGlobe Aviation, the owner of India’s biggest airline IndiGo, dipped 3.3% to Rs 1,142 on the BSE in intra-day trade, after the share sale by its promoter begins today. The shares will be sold at a floor price of Rs 1,130 per share.

Two promoter entities of InterGlobe Aviation plans to offload about 11.19 million equity shares representing 2.91% of the total equity capital of the company through the offer for sale (OFS) route, the company said in regulatory filings.

Acquire Services proposed to sell up to 7.95 million equity shares and IGE (Mauritius) Pvt Ltd proposes to sell 3.24 million shares of the company.

The sale would help InterGlobe Aviation, parent of no- frills airline IndiGo, meet the minimum public shareholding requirement for listed companies.

As of September 30, 2017, the total promoters holding in the company stood at 77.91%, the shareholding pattern data shows.

The offer will take place over two trading days, December 13, 2017 (for non-Retail Investors only) and on December 14, 2017 (for Retail Investors and for non-Retail Investors who choose to carry forward their unallotted bids) through a separate, designated window of the stock exchanges, it added.

At 10:33 AM; the stock was trading 2.8% lower at Rs 1,149 on the BSE, as compared to 0.15% decline in the S&P BSE Sensex. A combined 239,471 shares changed hands on the counter on the NSE and BSE.