InterGlobe Aviation falls 3% on equity dilution; offer for sale opens
InterGlobe Aviation shares fell 3 percent on equity dilution by promoter entities through offer for sale that opened for subscription today.
Two promoter entities of the IndiGo owner planned to offload shares worth at least Rs 1,245 crore through the offer for sale route on Wednesday and Thursday.
The share sale will help the company meet the minimum public shareholding norms. As per Sebi norms, listed companies should have at least 25 percent public shareholding.
As per statement available with exchanges, Acquire Services Private Limited and IGE (Mauritius) Private Limited will be selling up to 79,52,807 shares (representing 2.07 percent of paid-up equity) and 32.4 lakh shares (0.84 percent), respectively.
The company has fixed floor price at Rs 1,130 per share.
Together, as many as 1,11,92,807 shares or 2.91 percent stake in the company, which would be sold through OFS, is valued at Rs 1,265 crore.
The offer for sale (OFS) window will close on December 14.
At the end of September quarter 2017, promoter holding in InterGlobe Aviation stood at 77.91 percent, as per data available with stock exchanges.
Post the offer for sale, the promoter’s shareholding will come down to 75 percent.
For the quarter ended September 2017, InterGlobe recorded a profit of Rs 551.5 crore (up 294.4 percent YoY), primarily boosted by a one-time payment towards engine issues and delayed aircraft deliveries and higher margins.
At 10:09 hours IST, the stock price was quoting at Rs 1,150.75, up 2.59 percent on the BSE.