Dubai's Istithmar on Tuesday sold its 6.9% stake in Indian low-cost carrier SpiceJet for $25.3 million, two sources with direct knowledge of the matter said.

The investment arm of Dubai World sold 22.14 million shares to a clutch of investors at an average price of 53.52 rupees per share, said the sources, who declined to be named as they were not authorised to speak to the media.

Data from the Bombay Stock Exchange showed two large block deals were done.

Bank of America Merrill Lynch was the sole arranger of the transaction, the sources said.

On Monday, Istithmar had said in a filing to the Bombay Stock Exchange the company had bought 22.14 million shares in SpiceJet through conversion of foreign currency convertible bonds.

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