A Non-Executive Director of investment group Infrastructure India has sold 12.5m shares in the firm at 55p through an accelerated bookbuild secondary placing to satisfy certain personal financial obligations.
Vikram Viswanath now holds 42,488,993, or 19.4% of the issued share capital, having sold 5.7%.
The shares are held through Anuradha Holdings Private Limited (AHPL), which has conditionally agreed not to dispose of further shares in the company for a period of 12 months following the completion of the placing and following this it will be subject to an orderly marketing arrangement for an additional 12 months.
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The share price dropped 4.6% to 57p by 13:02.
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