SpiceJet Flies Over 16% as Ajay Singh Explores Possibility of a Partial Stake Sale

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Last Updated: August 03, 2022, 11:44 IST

SpiceJet may sell 24 per cent stake to a middle eastern company, know more

Shares of private carrier SpiceJet soared over 15 per cent on Wednesday morning. Know details

Shares of private carrier SpiceJet soared over 16 per cent after it was said to be in active talks with a middle eastern aviation company for a possible sale of the stake. The big middle eastern company has expressed its interest to buy a 24 per cent stake at SpiceJet and get a seat on the board of the company, reports by multiple news outlets suggested.

As per reports by ET Now and CNBC TV18, SpiceJet is also in talks with a large Indian conglomerate, which has approached the carrier’s promoter Ajay Singh for a stake sale. Singh, who currently holds 60 per cent stake at SpiceJet, is exploring possibilities of a partial sale of the same.

“The company continues to be in discussions with various investors to secure sustainable financing,” a SpiceJet spokesperson was quoted as saying by CNBC TV18. The spokesperson further added that the company will make “appropriate disclosures in accordance with applicable regulations”.

Shares of SpiceJet jumped more than 16 per cent on the BSE to Rs 51.60 apiece in Wednesday’s early deals after the reports of the possibility of stake sale. The airline stock is down over 23.95 per cent in 2022 (YTD) so far, whereas in a year’s period the counter has declined about 30.65 per cent.

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