SpiceJet Shares Surge on Go First Bid | Business News
Feb 16, 2024 18:43
SpiceJet shares rallied over 11% after its chairman Ajay Singh submitted a bid for bankrupt Go First. The move aims to strengthen SpiceJet's operations and expand its reach.
New Delhi, Feb 16 (PTI) Shares of SpiceJet surged more than 11 per cent on Friday after the airline said its chief Ajay Singh, along with Busy Bee Airways, has submitted a bid for bankrupt budget airline Go First.
The stock of no-frills carrier zoomed 11.28 per cent to close at Rs 70.81 apiece on the BSE. During the day, shares of the company hit an intra-day high of Rs 71.9, up 13 per cent.
In terms of volume, nearly 2.48 crore equity shares were traded on the BSE.
At the close of the trading session, the company market valuation rose to Rs 4,845.80 crore.
In a release on Friday, SpiceJet said its Chairman and Managing Director Ajay Singh and Busy Bee Airways submitted a joint bid for bankrupt Go First.
SpiceJet is looking to strengthen its operations with more slots and international flying rights of Go First, the filing said.
The announcement comes at a time when crisis-hit SpiceJet is raising funds and rationalising costs, including by laying off more than 1,000 employees.
Go First stopped flying on May 3, 2023. Its plea for voluntary insolvency resolution proceedings was admitted by the National Company Law Tribunal (NCLT) on May 10 last year.
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