The Board of IndiGo parent InterGlobe Aviation Ltd. on Wednesday said that it has approved an investment of upto ₹394 crore in one or more tranches, in the equity shares of InterGlobe Aviation Financial Services IFSC Pvt Ltd, a wholly-owned subsidiary of the company.The acquisition will be completed within three months from the date of approval by the company’s board.
The proposed investment is being made at the fair valuation of equity shares of Indigo IFSC arrived, basis the valuation report obtained from an independent Category-1 Merchant Banker and therefore, the same is at arm’s length, the company said in an exchange filing.
This investment will be utilised by IndiGo IFSC towards financing of aviation assets, repayment of its outstanding loan and for other general corporate purposes.There will be no change in shareholding percentage and IndiGo IFSC will continue to remain a wholly owned subsidiary of the company.
The proposed investment is being made at the fair valuation of equity shares of Indigo IFSC arrived, basis the valuation report obtained from an independent Category-1 Merchant Banker and therefore, the same is at arm’s length, the company said in an exchange filing.
This investment will be utilised by IndiGo IFSC towards financing of aviation assets, repayment of its outstanding loan and for other general corporate purposes.There will be no change in shareholding percentage and IndiGo IFSC will continue to remain a wholly owned subsidiary of the company.
IndiGo IFSC was incorporated under the Companies Act 2013 on October 12, 2023, as a wholly owned subsidiary of the company.
IndiGo IFSC did not commence its operations till March 31, 2024, and therefore, had not generated any turnover for the financial year 2023-24.
Shares of Interglobe Aviation Ltd. settled 1.62% higher on Wednesday at ₹4,727 apiece on the NSE.
