SpiceJet Promoter Sells 2 Cr Shares for Rs 90 Crore

New Delhi, Mar 17 (PTI) Spicejet promoter Ajay Singh on Monday offloaded around 2 crore shares of the company for Rs 90 crore through an open market transaction.

According to the bulk deal data on the BSE, Ajay Singh, who is also the chairman and managing director of the budget airline, sold 2 crore shares or 1.6 per cent stake of SpiceJet at an average price of Rs 45 apiece, taking the transaction value to Rs 90 crore.

Meanwhile, boutique investment firm Plutus Wealth Management picked up 75 lakh shares of SpiceJet at an average price of Rs 45 apiece, as per the data.

Details of the other buyers of SpiceJet shares were not available.

Extending the losses for the sixth straight day, shares of SpiceJet slipped 0.15 per cent to close at Rs 45.41 per piece on the BSE.

Last week, Ajay Singh divested nearly 1 per cent stake in the budget airline for Rs 52 crore.

On Monday, SpiceJet said its founder Ajay Singh will infuse Rs 294 crore into the airline through a promoter group entity by way of conversion of warrants into equity shares, following which the promoter group's holding will increase to over 33 per cent.

Singh, also the Chairman and Managing Director of the carrier, will be infusing the funds through Spice Healthcare Pvt Ltd, a promoter group company.

Besides, Singh is selling up to 3.15 crore equity shares of the airline and the proceeds will be utilised to enable Spice Healthcare Pvt Ltd to partially fund the balance of 75 per cent of the amount at the time of allotment of the equity shares pursuant to exercise of option to convert the said warrants.

The fund infusion by Singh is related to a fundraise plan announced earlier.

Against the backdrop of headwinds that were faced by SpiceJet, he also said the successful conversion of warrants and subsequent capital infusion marks another significant step in the airline's ongoing turnaround strategy.

In February, SpiceJet reported a profit after tax of Rs 26 crore for the three months ended December 2024, helped by overall improved performance.