SpiceJet erases gains

SpiceJet pares all its early gains after the block deal happened and finally settled 1% down at Rs 54.  The counter has seen huge volume of 41.23 million equity shares changed the hands on the counters against two-week average of 6.76 million shares.
______________________________________________
(Updated at 1159hrs)

SpiceJet is up 1% at Rs 55, on reports that the Istithmar World Capital, the investment arm of Dubai World, has sold its entire stake in budget airline through block deals.

The stock has recovered around 7% from intra-day low of Rs 52. The counter has seen a huge volume of 38 million equity shares changed the hands on the counter so far, as compared to two-week average 7 million shares on the BSE.

Istithmar World Capital, the foreign corporate bodies, holds 13.4% (32.3 million shares) stake in the company at the end of December 2009 quarter, according to shareholding pattern filed by the company.

Bodies corporate, holds 22% stake in the company, followed by Individual shareholders (20%), mutual funds (13%) and foreign institutional investors (9%).

The promoters Royal Holdings Services holds 13%, while the remaining 23% stake hold by the foreign corporate bodies, non resident Indians and others.