LONDON (March 16): Wizz Air's largest investor Indigo Partners sold about half its stake in the Hungary-based low-cost airline to institutional investors, a statement on Tuesday said, raising gross proceeds of around £400 million (US$553 million).

Private equity firm Indigo Partners did own 15 million shares or a 17.5% stake in Wizz Air prior to the disposal, which was first announced on Monday. The sale of 7.7 million shares will leave it with a stake of about 8.5%.