IndiGo’s parent InterGlobe Aviation today said its board would consider dilution of promoters’ stake to meet the minimum 25 per cent public shareholding requirement.The board will discuss the matter at its meeting to be held on July 31. IndiGo, which is the largest domestic carrier in terms of market share, is working on ambitious expansion plans and has expressed interest in acquiring the international operations of debt-laden, state-owned carrier Air India. In a filing to BSE, InterGlobe said its board will consider the means of achieving the minimum public shareholding in the company in accordance with the applicable laws during the meeting on July 31.
It will also consider a follow-on public offer, “institutional placement programme which may comprise of a fresh issue and/or an offer for sale and recommend the same for the approval of shareholders of the company, if required”, as per the filing. As per Sebi regulations, a company should have a minimum public shareholding of 25 per cent within three years of listing. InterGlobe got listed on November 10, 2015.
Besides, the board would consider and approve unaudited financial results for the quarter ended June 30 subject to a limited review by the statutory auditors. In late afternoon trade, shares of InterGlobe were trading at Rs 1,257, down 1 per cent, on BSE.