In a statement Canadian business jet maker Bombardier Inc said, it had sold its 3.1% stake in French rail giant Alstom SA for $608.4 million (506.2 million euros) through a book building process to institutional investors.

It had acquired the stake as part of a 5.5 billion euro sale of its rail business to the French firm. Following the deal, which was completed earlier this year in January, Bombardier has turned into a pure business jet maker.

Following the settlement of the offering, Bombardier will have fully exited its stake in Alstom. Its holdings of 11.5 million shares in Alstom were sold at 44 euros each.

The offering will take place on May 7, said Bombardier.

Bombardier closed down 2.11% in Toronto, while Alstom shares ended flat in Paris.

($1 = 0.8320 euros)

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Tags: Alstom SA, Bombardier Inc, book building process, business jet maker, Canadian, French, holdings, institutional investors, pure business jet maker, rail business, rail giant, sale, shares, sold, stake