India's InterGlobe Aviation aims to land $616 mln share sale on Friday

India's InterGlobe Aviation aims to land $616 mln share sale on Friday

Reuters  | Sep 13, 2017 20:30

India's InterGlobe Aviation aims to land $616 mln share sale on Friday

MUMBAI, Sept 13 (Reuters) - India's InterGlobe Aviation Ltd INGL.NS , which runs the country's top airline IndiGo, will conduct a share sale to institutional investors on Friday that will raise for the company and its founders as much as 39.45 billion rupees ($616 million).

The company set a price range on Wednesday of 1,125 rupees to 1,175 rupees a share for the sale of up to 33.6 million shares, comprising of 22.4 million new shares and 11.2 million existing shares.

The share sale is aimed at helping the company meet minimum public holding rules.

Citi, JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) are the banks managing the share sale, according to a filing.

InterGlobe's initial public offer in 2015 had raised about 30 billion rupees. ($1 = 64.0200 Indian rupees)

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