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Promoters can sell a large stake in this company, the share is worth ₹61, do you have it?

by Aaryan Srivastav
September 8, 2024
Promoters can sell a large stake in this company, the share is worth ₹61, do you have it?

SpiceJet Share: SpiceJet promoter and chairman Ajay Singh may sell more than 10 percent stake in the airline in the latest round of fund raising. Sources gave this information. This round is expected to be completed by the end of September. The budget airline is facing many problems including financial challenges, legal battles and grounding of aircraft. The company is trying to raise funds, which will help it meet various obligations. Let us tell you that now this stock will be in focus tomorrow on Monday. Last Friday, SpiceJet’s stock fell and the stock closed at Rs 61.46.

what is the detail

A source said that if the conditions are favorable, Singh can sell up to 15 percent stake in the airline. Another source said that Chairman and Managing Director (CMD) Ajay Singh will sell about 10 percent stake in the airline and this amount can also increase. Sources related to the matter said that there is already a commitment of up to Rs 2,000 crore for the proposed QIP (qualified institutional placement) and the airline is in discussions with potential investors. Meetings have been held with investors in India and abroad. There has been no official comment from SpiceJet. The financing phase is expected to be completed by the end of September.

Shareholding Pattern

According to data available on BSE, the promoter group held a little over 47 per cent stake in the airline at the end of June 2024. SpiceJet had a fleet of 74 aircraft in 2019. The company is currently operating about 20 aircraft. Let us tell you that the airline said in a presentation on Friday that it plans to raise Rs 3,200 crore through QIP, warrants and capital investment by the promoter. The funds will be used for retiring the fleet out of operation, liability settlement, induction of new fleet and other general purposes. The airline said in a presentation to investors, “SpiceJet plans to raise Rs 2,500 crore through QIP and Rs 736 crore through previous warrants and promoter investment.”

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