Chennai: Rakesh Jhunjhunwala has acquired 1.4 per cent stake in Kalanithi Maran owned SpiceJet. The debt-ridden Airline's shares closed with 18.36 per cent increase in BSE to Rs 18.24 on Friday. The investment from Jhunjhunwala comes at a time when the promoters of SpiceJet is looking for an investor into the company.
According to Bombay Stock Exchange (BSE's) Bulk deals data Rakesh Jhunjhunwala's asset management firm Rare Enterprises has purchased 75 lakh equity shares worth an aggregate amount of Rs 13.41 crore in low cost airlines SpiceJet.
SpiceJet is the second largest budget carrier in the country behind IndiGo. The Airline, in which promoters holds around 53 per cent, has been scouting for investors for sometime now, but so far it could not find one. The Airline's market cap has been eroding constantly and now it stood at Rs 1,000 crore.
Maran owns 53 per cent in SpiceJet, which will increase further has the promoters converted 6,41,69,000 warrants held in the company into equal number of equity shares of Rs 10 each. The Board of Directors of the company today allotted the equity shares, upon conversion of warrants issued on preferential basis.
28/11/14 Business Standard
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According to Bombay Stock Exchange (BSE's) Bulk deals data Rakesh Jhunjhunwala's asset management firm Rare Enterprises has purchased 75 lakh equity shares worth an aggregate amount of Rs 13.41 crore in low cost airlines SpiceJet.
SpiceJet is the second largest budget carrier in the country behind IndiGo. The Airline, in which promoters holds around 53 per cent, has been scouting for investors for sometime now, but so far it could not find one. The Airline's market cap has been eroding constantly and now it stood at Rs 1,000 crore.
Maran owns 53 per cent in SpiceJet, which will increase further has the promoters converted 6,41,69,000 warrants held in the company into equal number of equity shares of Rs 10 each. The Board of Directors of the company today allotted the equity shares, upon conversion of warrants issued on preferential basis.
28/11/14 Business Standard
