Tatas free to raise stake: SpiceJet

New Delhi: Budget carrier SpiceJet has left the door open for the Tatas to increase their stake in the airline.
“It is totally up to the Tatas how they go about it in future,” Bhulo Kansagra, SpiceJet’s director and one of its promoters, told Business Standard when asked whether the Tatas would be raising their stake in the airline.
He was speaking on the sidelines of a press conference convened to announce fresh investment in SpiceJet. The Tatas have picked up a 7.5 per cent stake in SpiceJet for over $17.2 million.
SpiceJet today announced it had received proposals totalling $118 million from the Tatas, the Texas Pacific group and Goldman Sachs. Major offers received by the company included $1.2 million from Tata Investments Corporation Ltd, $16 million from Ewarts Investments Ltd (an investment company of the Tata group), $30 million from the Texas Pacific group (which constitutes 11 per cent of the equity), $25 million from Istithmar PJSC and $5 million from Goldman Sachs. It also received an offer of $15 million from BNP Paribas.
13/12/06 Business Standard

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