SpiceJet rubbishes reports of share sale

New Delhi: SpiceJet today said it did not have any plan to sell its stake in the airline. It was reacting to news that Paramount was interested in buying a 26 per cent stake in SpiceJet and Kotak would back the bid.
The report on a television channel said the bid would be funded through internal accruals and debt and a due diligence exercise was in progress.
SpiceJet denied the speculation in an official statement that said, “There is absolutely no plan to sell any stake in the company to anybody at all.”
“SpiceJet is one of the best funded airlines in the country with a large cash reserve to pay for its expansion. There is absolutely no need to raise funds right now,” the statement added.
The speculative Paramount-SpiceJet deal is valued at Rs 500-600 crore.
Kingfisher chairman Vijay Mallya had recently told reporters that he was interested in the company.
18/06/07 The Telegraph

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Categories: Paramount Airways Jun 2007, SpiceJet Jun 2007