SpiceJet flies high as promoters plan to hike 10% stake in the airline

03 Sep 2014

Spicejet is currently trading at Rs. 13.67, up by 0.58 points or 4.43% from its previous closing of Rs. 13.09 on the BSE.

The scrip opened at Rs. 13.50 and has touched a high and low of Rs. 13.79 and Rs. 13.45 respectively. So far 1022885 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 23.05 on 23-Sep-2013 and a 52 week low of Rs. 11.10 on 13-Aug-2014.

Last one week high and low of the scrip stood at Rs. 13.79 and Rs. 12.25 respectively. The current market cap of the company is Rs. 724.77 crore.

The promoters holding in the company stood at 53.48% while Institutions and Non-Institutions held 0.86% and 45.66% respectively.

SpiceJet’s promoters Kalanithi Maran and Kal Airways are planning to increase their stake in the airline by 10 per cent to 68.42 per cent. The additional stake will cost the promoters Rs 312 crore. Maran and Kal will subscribe for fresh equity shares in two tranches; the company plans to allot 81,680,629 shares in the first and 107,410,479 shares in the second.

So far, the promoters had infused about Rs 1,300 crore into the airline. Maran had acquired SpiceJet for Rs 750 crore in 2010 and an additional Rs 550 crore was invested later, by way of equity.

SpiceJet is India’s most preferred airline who delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.


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