Indian airline IndiGo's top shareholder to sell 2% stake, worth $394 mln, per term sheet

The biggest shareholder in India's IndiGo airline will sell a 2% stake, worth 32.93b rupees ($394m), in the low-cost carrier's parent on Tuesday, according to a term sheet seen by Reuters. Interglobe Enterprises, which has a 37.75% stake in Interglobe Aviation, the operator of IndiGo, will sell the shares at a base price of 4,266 rupees each, the term sheet showed. That is a 6.6% discount to the stock's closing price on Monday. The stock dropped 3.3% to 4,418 rupees in early trade on Tuesday. Interglobe -- whose managing director is Rahul Bhatia, the co-founder of IndiGo -- will sell the stake in block deals. Around 1.1m Interglobe shares changed hands via block trades on Tuesday, per National Stock Exchange data, all at a discount to the last closing price, but above the base price.<br/>