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An IndiGo airlines passenger aircraft taxis on the tarmac at Chhatrapati Shivaji International airport in Mumbai, India, May 29, 2023. REUTERS/Francis Mascarenhas

 

J. Sagar Associates has advised Interglobe Enterprises on a 2 percent divesture in low-cost Indian airline IndiGo for 33.6 billion rupees ($401 million). Citigroup, which bought IndiGo shares worth 13.6 billion rupees via the open market, was advised by IndusLaw and A&O Shearman.

According to BSE, InterGlobe Enterprises sold 7,719,573 equity shares, amounting to a 1.99 percent stake in InterGlobe Aviation, which operates IndiGo. After the stake sale, the shareholding of InterGlobe Enterprises in the company reduced to 35.76 percent from 37.75 percent.

The JSA team included partners Madhurima Mukherjee Saha and Shivali Singh, and associate Rishika Kharbanda.

IndusLaw’s team comprised partners Vishal Yaduvanshi and Priyadarshini Rao, and included associate Abishek Sankar.

 

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