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Spicejet Sale
Ajay Singh, one of the promoters and MD of SpiceJet, on Thursday divested nearly 1 per cent stake in the budget airline for Rs 52 crore through an open market transaction. According to the bulk deal data on the BSE, Ajay Singh sold over 1.15 crore shares, amounting to a 0.9 per cent stake in Gurugram-based SpiceJet. The shares were disposed of at an average price of Rs 45.34, taking the transaction value to Rs 52.31 crore. After the stake sale, Singh's holding in SpiceJet has come down to 22 per cent from 22.90 per cent. Also, the combined shareholding of promoters and promoter group of the company has declined to 28.23 per cent from 29.13 per cent. Details of the buyer(s) of SpiceJet's shares could not be ascertained on the exchange. Shares of SpiceJet on Thursday declined 6.38 per cent to close at Rs 45.48 apiece on the BSE. Earlier, the budget airline was facing a fresh round of troubles as three Ireland-based aircraft lessors and a former pilot filed insolvency pleas in NCLT
SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline. Foreign entities, including Societe Generale - ODI, Goldman Sachs (Singapore) Pte - ODI, Nomura Singapore Ltd ODI and Discovery Global Opportunity (Mauritius) Ltd are among the investors who have been allotted shares under the airline's Qualified Institutional Placement (QIP) that was oversubscribed. The airline's fundraising committee, on September 20, approved the allotment of more than 48.70 crore shares at a price of Rs 61.60 apiece to the more than 80 QIP participants, according to a regulatory filing. The total amount for which the securities have been issued is nearly Rs 3,000 crore. "Pursuant to the allotment of equity shares in the Issue, the paid-up equity share capital of the company stands increased from Rs 7,94,67,27,170 consisting of 79,46,72,717 equity shares to Rs 12,81,68,57,030 consisting of 1,28,16,85,703 equity
With more than Rs 900 crore funding coming in this month, SpiceJet will focus on upgradation of its fleet and cost-cutting measures, as the no-frills airline works on ways to come out of turbulent times. In an internal note to the senior staff on Monday, the airline said it now has a substantial bank balance of more than Rs 900 crore, including Rs 160 crore received as an instalment under the government's Emergency Credit Line Guarantee Scheme (ECLGS). The carrier, which had been facing multiple headwinds in recent months, has so far received around Rs 1,000 crore under the ECLGS. The latest instalment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline, according to an official in the know. Singh, who has been helming the no-frills carrier, has so far put in Rs 200 crore out of the Rs 500 crore fund infusion that he had announced last year. The official said the airline has garnered a total of more than Rs 1,100 crore funds in three ..