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
You might also like
Director Tourism Kashmir launches Cox & Kings’ ‘Free Fly to Kashmir’ Holiday
Cox & Kings Ltd., the oldest and leading tour operator with operations in 22 countries across continents announced the ‘Free Fly to Kashmir’ packages in its bid to promote Kashmir
Chrome River becomes a Sabre premier provider for expense reporting
Sabre to integrate Chrome River’s leading expense management solution into its new mobile platform for business travelers Sabre Corporation (NASDAQ: SABR), the leading technology provider to the global travel industry, has
Go Air plans to fly overseas in October
Indian aviation sector witnessed double-digits passenger growth for the last 35 months! Private low-cost carrier Go Air would start flying overseas from October this year, its Managing Director Jeh Wadia
