InterGlobe Aviation falls despite board’s approval to issue shares

The stock touched its fresh 52-week high of Rs 1,346.35 on August 17, 2017 and hit its 52-week low level of Rs 806.50 on November 9, 2016. NEW DELHI: Shares of InterGlobe Aviation were trading nearly 1 per cent down even as the board on Monday approved issuance of equity shares up to 33.6 million to qualified institutional buyers.

Following the development, the stock fell 0.85 per cent to Rs 1,209.95 on BSE. It opened at Rs 1,230 and touched an intraday high and low of Rs 1,230 and Rs 1,205.25 respectively, in the first hour of trade.

In a filing to the exchanges the company said, «The placement includes issue of fresh equity shares of up to 22.4 million and offer for sale of up to 11.2 million shares by promoters, including Rakesh Gangwal and Chinkerpoo Family Trust.

Reuters data showed that promoters Gangwal and Chinkerpoo Family Trust owned 16.83 per cent and 15.59 per cent stakes in the company respectively, as of June 30, 2017.

Interglobe Aviation reported total revenue at 5,752.91 crore while net profit stood at 811.15 crore, for the quarter ended June 30, 2017.

The stock touched its fresh 52-week high of Rs 1,346.35 on August 17, 2017 and hit its 52-week low level of Rs 806.50 on November 9, 2016.

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