Interglobe Aviation that owns the largest low-cost air carrier Indigo dragged lower by 3% in trade today after its promoters begin share sale today. Two of the company's promoter plan to offload 2.91% of the total equity of the company through an offer for sale or OFS which amounts to as many as 11.19 million shares.
Acquire Services has plans to offload a total of 7.95 million shares and IGE (Mauritius) Pvt Ltd plans to sell 3.24 million shares.
The shares in the offer will be sold for a price of Rs. 1130 per share. Through the OFS, the company aims to comply with the statutory guidelines in respect of minimum public shareholding requirement put forth for listed companies.
The offer for sale will occur for two trading days, December 13 for non-retail investor class and December 14 for retail investor class and non-retail investors who wish to carry forward their unalloted bids.
The stock was trading lower by over 3% at Rs. 1144.20 at 1:51pm on the BSE.