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InterGlobe Aviation on Monday cut the size of its initial public offering (IPO) by Rs 200 crore to about Rs 3,000 crore, with a promoter deciding to sell fewer shares.
The promoters of the company will now sell about 23 million shares, against the 26.1 million proposed for the IPO's offer-for-sale (OFS) component.
The decision was taken hours after the company management began a IPO road show in Mumbai this morning, where it was announced the public issue would be a fresh one, aggregating to Rs 1,272.2 crore and an OFS of up to 26.1 million shares.
Through the OFS component, Rakesh Gangwal was to sell 3,759,638 shares and Shobha Gangwal 2,227,316 shares. Sources said the Gangwal family had decided to reduce the number of shares to be offered by it.
