September 18, 2017 / 4:13 PM / a month ago

Indian aviation company InterGlobe's share sale raises $591 million

Women spread fryums for drying on a rooftop as an IndiGo Airlines aircraft moves on the runway after landing at the Sardar Vallabhbhai Patel international airport in Ahmedabad, India July 6, 2017. REUTERS/Amit Dave

MUMBAI (Reuters) - A share sale by India’s InterGlobe Aviation (INGL.NS), which runs the country’s IndiGo airline, raised 37.9 billion rupees ($591 million) for the company and some of its shareholders, based on the final issue price announced on Monday.

InterGlobe set the price at 1,130 rupees per share for the sale to institutional investors conducted on Friday, according to a regulatory filing.

The company sold about 22.4 million new shares, while its shareholders offered about 11.2 million existing shares in a sale aimed at moving the company closer to the regulatory requirement for companies to have a minimum 25 percent free float.

Reporting by Devidutta Tripathy; Editing by David Goodman

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