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Indian airline IndiGo's top shareholder to sell 2% stake, worth $394 million, per term sheet
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The biggest shareholder in India's IndiGo airline will sell a 2% stake, worth 32.93 billion rupees ($394 million), in the low-cost carrier's parent on Tuesday, according to a term sheet seen by Reuters.
Interglobe Enterprises, which has a 37.75% stake in Interglobe Aviation, the operator of IndiGo, will sell the shares at a base price of 4,266 rupees each, the term sheet showed.
That is a 6.6% discount to the stock's closing price on Monday. The stock dropped 3.3% to 4,418 rupees in early trade on Tuesday.
Interglobe -- whose managing director is Rahul Bhatia, the co-founder of IndiGo -- will sell the stake in block deals.
Around 1.1 million Interglobe shares changed hands via block trades on Tuesday, per National Stock Exchange data, all at a discount to the last closing price, but above the base price.
