Private equity firm TPG Capital is negotiating to buy a minority stake in India's most preferred airline - SpiceJet. However, there are no certainties that the negotiations would result in a transaction.
SpiceJet, controlled by Kalanithi Maran, who also owns media firm Sun TV, had in June stated it plans to raise Rs 1,240 crore ($270 million) from Canada's export finance agency Export Development Canada (EDC) for aircraft purchases. In November, SpiceJet had agreed to buy as many as 30 Nextgen turboprop aircraft from Bombardier for about Rs 4,205 crore ($915 million).
Recently, SpiceJet’s promoter group firm Kal Airways had pledged over 43.9 million shares of its total holding in the company on July 13, taking the total number shares pledged by the entity to over 134.8 million. The total pledged shares accounts for 86.17% of its holding in the Delhi-based carrier and 33.27% of the outstanding shares of the company. Kal Airways holds over 156.5 million shares in SpiceJet.
Spicejet currently operates 153 flights daily to 20 Indian cities with a fleet of 22 Boeing 737-800-737-900ER aircraft. It had also placed an order for 30 Bombardier Q400 turboprop planes to launch services to smaller destinations in the country.
| Company Name | CMP |
|---|---|
| Interglobe Aviation | 4647.25 |
| SpiceJet | 13.47 |
| Raymond | 410.45 |
| Global Vectra Helico | 188.00 |
| Taneja Aerospace | 267.50 |
| View more.. | |
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