Bravia Cap plans $40 million investment in SpiceJet

US investment fund Bravia Capital Partners has proposed to pump $40 million into SpiceJet, answering the country's second-largest low-cost carrier's call for funds to expand operations.
The SpiceJet board will meet this week to discuss the proposal, said a person with direct knowledge of the development, adding that the investment will be effected through a mix of shares and warrants.
If the investment is approved, the New York-based fund that has interests in the aviation sector and is engaged in aircraft financing will have a nominee on the SpiceJet board, he said.
SpiceJet chief commercial officer Samyukth Sridharan told ET NOW that the company does not comment on market rumour and speculation. Bravia Capital did not respond to emailed queries.
The budget airline has been scouring the market long for funds. It had appointed Edelweiss Capital in February to help raise up to $75 million from investors for fleet induction and expansion on international routes.
29/04/10 Mohit Bhalla/Economic Times

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Categories: Foreign Apr 2010, New Apr 2010, spicejet Apr 2010