India, Aug. 14 -- Listed traveltech company ixigo has agreed to sell a 17.39% stake in electric intercity bus startup Fresh Bus to Twelve Stone LLP for Rs.36.6 Cr.

In an exchange filing, ixigo's parent Le Travenues Technology said it will sell 46,264 CCPS of Fresh Bus at Rs.7,911 apiece.

Following the completion of the transaction, ixigo's stake in Fresh Bus will decline from 25.66% to 8.27%. Consequently, Fresh Bus will cease to be an associate company of ixigo.

The transaction is expected to be completed on or before August 30.

Twelve Stone's designated partners are Fresh Bus founder and MD Sudhakar Reddy Chirra and Sasya Chirra. ixigo said the deal does not fall under the ambit of a related-party transaction.

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