December 14, 2017 TnH Global

InterGlobe promoters to sell shares worth Rs. 1,245 crore

Two promoter entities of InterGlobe Aviation plans to offload shares worth at least Rs 1,245 crore through the offer for sale route tomorrow, according to regulatory filings. The sale would help InterGlobe Aviation, parent of no- frills airline IndiGo, meet the minimum public shareholding requirement for listed companies.

Acquire Services Pvt Ltd and IGE (Mauritius) Pvt Ltd would be selling shares in the company, as per the filings. The floor price has been fixed at Rs 1,130 per share. The Offer for Sale (OFS) window would open tomorrow and close on December 14.

Under the OFS, Acquire would sell up to 7,952,807 equity shares representing 2.07 per cent stake while IGE would offload 3,240,000 shares accounting for 0.84 per cent shareholding. Together, as many as 11,192,807 shares making up for 2.91 per cent stake in the company would be sold, the filings said. Based on the floor price, the share sale 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 companies 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.

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

News Source: PTI