IndiGo promoters offloading Rs 1,245-crore shares through OFS

Published On: 12, Dec 2017 | Source:

Two promoter entities of plans to offload worth at least Rs 1,245 crore through the offer for route on Wednesday, according to regulatory filings.

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

and (Mauritius) Pvt Ltd would be selling in the company, as per the filings. The floor price has been fixed at Rs 1,130 per share.

The Offer for (OFS) window would open on Wednesday and close on December 14.

Under the OFS, Acquire would sell up to 7,952,807 equity representing 2.07 per cent stake while would offload 3,240,000 accounting for 0.84 per cent shareholding.

Together, as many as 11,192,807 making up for 2.91 per cent stake in the company would be sold, the filings said.

Based on the floor price, the share would fetch at least Rs 1,265 crore.

At the end of September quarter, promoter holding in InterGlobe stood at 77.91 per cent, as per data available with stock exchanges.

Post the OFS, the holding would come down to 75 per cent.

Under Sebi norms, listed should have at least 25 per cent public shareholding.

In the latest September quarter, InterGlobe recorded a steep jump in net profit at Rs 551.5 crore, primarily boosted by a one-time payment towards engine issues and delayed aircraft deliveries and higher margins.

of InterGlobe closed nearly 1 per cent down at Rs 1,181.35 on the BSE.