Shares in very low-charge provider Wizz Air fell by far more than five for each cent in early trading this early morning as Indigo Partners mentioned it would divest 50 percent of its stake in the airline.
The US private equity business, which also owns stakes in American Frontier Airlines and Chilean reduced-price airline JetSmart, offered just more than 7.69 million shares in a placing.
The shares have been bought to institutional buyers by way of an accelerated bookbuild at £52 each individual, raising gross proceeds of close to £400 million.
Adhering to completion of the positioning, Indigo will maintain 7.3 million shares in Wizz Air, down from 15 million, or a stake of 17.5 for every cent.
The share positioning is because of to be accomplished by Thursday, according to Barclays Financial institution, which is acting as the world-wide co-ordinator on the deal.
Wizz Air said it will not get any proceeds from the transaction.