The consolidation in the aviation sector is getting interesting every day. SpiceJet , which has been struggling at the back of high aviation turbine fuel (ATF) prices and competition from players like Indigo, has been on the lookout for potential investors, reports CNBC-TV18’s Kritika Saxena quoting sources. The promoters of SpiceJet are not looking at divesting any stake directly from the company, say sources. The Promoters of SpiceJet, Sun Group, currently hold 52% stake in the company, of which a majority share is held by Kalanithi Maran.
Sun group is finalising the contours of the stake sale and have indicated to prospective investors that it will be a fresh issue of shares in order to bring in liquidity into the company;” said a source familiar with the development. SpiceJet’s debt doubled in FY13 on a annual basis at Rs 1430 crore. The company has been focused on bringing down debt and expanding its operations, and so an investor would be the right fit.
12/11/13 Kritika Saxena/CNBC-TV18/moneycontrol.com
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Sun group is finalising the contours of the stake sale and have indicated to prospective investors that it will be a fresh issue of shares in order to bring in liquidity into the company;” said a source familiar with the development. SpiceJet’s debt doubled in FY13 on a annual basis at Rs 1430 crore. The company has been focused on bringing down debt and expanding its operations, and so an investor would be the right fit.
12/11/13 Kritika Saxena/CNBC-TV18/moneycontrol.com
