Interglobe Enterprises, the largest shareholder in India’s IndiGo airline, will sell a 2% stake in the low-cost carrier’s parent company, Interglobe Aviation, worth 32.93 billion rupees ($394 million). According to a term sheet seen by Reuters, the shares will be sold at a base price of 4,266 rupees each, a 6.6% discount to Monday’s closing price. On Tuesday, the stock dropped 3.3% to 4,418 rupees in early trade.
Interglobe Enterprises, which holds a 37.75% stake in Interglobe Aviation, will execute the sale through block deals. Data from the National Stock Exchange showed that around 1.1 million Interglobe shares were traded via block deals on Tuesday, all at a discount to the last closing price but above the base price. The managing director of Interglobe Enterprises is Rahul Bhatia, co-founder of IndiGo.