Tuesday, February 20, 2007

Spicejet raises nearly Rs 680 million via preferential allotment

Low-cost carrier Spicejet said that it raised an amount close to Rs 680 million by allotting 13 million equity shares, representing 5.43% stake in the company, to BNP Paribas Arbitrage Fund at a price of Rs 52.69 a share, reports the Financial Express.
The allotment was made out of a proposed preferential issue of 72 million equity shares.
Recently, the company had informed that it would offer equity shares on preferential basis to various foreign and domestic investors in order to raise funds for non-aircraft capacity expansion purposes like investment in engineering and strengthening call centers.
In December, the company had planned to sell USD 80 million worth of shares on a preferential basis. The company had, however, received offers amounting to USD 118 million. Texas Pacific group, a leading global private investment, which also wanted to invest in the carrier later withdrew the offer.
20/02/07 Myiris.com
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