Dubai World Unit Exits Indian Budget Carrier SpiceJet

Istithmar World PJSC, a unit of Dubai World, sold its 13 percent stake in SpiceJet Ltd., said Ajay Singh, a director at the Indian budget carrier.
Istithmar sold the stake to mutual funds, Singh said in a phone interview today. The fund continues to hold some bonds issued by the airline, the official said.
A phone call made to Istithmar wasn’t answered during the weekend holiday in Dubai.
SpiceJet shares gained as much as 1.7 percent to 55.6 rupees, reversing an earlier decline of as much as 5.3 percent. The stock changed hands at 54.9 rupees at 12:54 p.m. in Mumbai. About 24.1 million SpiceJet shares, or 10 percent of its equity, changed hands in seven block deals on the Bombay Stock Exchange, data on the Bloomberg showed.
05/02/10 Vipin V. Nair/Anand Krishnamoorthy/Neil Denslow/Bloomberg/Business Week

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Categories: Foreign Feb 2010, spicejet Feb 2010