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

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

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.

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

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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