SpiceJet settles with gains of over 3%;m-cap jumps by Rs 47 cr

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Mumbai, Feb 25: Shares of SpiceJet today settled for the day with gains of over 3.31 per cent, thereby adding Rs 47 crore to its market capitalisation after Ajay Singh became the new promoter of the company.

During the day, the stock had surged 6.41 per cent to touch a 52-week high of Rs 25.70 on the BSE. The stock lost some ground and was trading at Rs 24.95, up 3.31 per cent over its previous closing price at the end of today's trade.

SpiceJet

Accordingly, the market capitalisation of the company surged by Rs 46.95 crore to Rs 1,495.63 crore. The market capitalisation of the company at the end of yesterday's trading session stood at Rs 1,448.68 crore.

SpiceJet yesterday said that Ajay Singh has become the promoter after acquiring the entire 58.46 per cent stake from the Marans. "Ajay Singh has become the promoter of the company and Kalanithi Maran and Kal Airways Private Limited have ceased to be promoters of the company," SpiceJet said in a filing yesterday.

Kalanithi Maran and Kal Airways have transferred over 35 crore shares or 58.46 per cent stake to Singh. In late January, SpiceJet board had approved transfer of entire 58.46 per cent stake of Marans to Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities under a revival plan.

The deal has already received clearance from the Competition Commission of India (CCI).

PTI

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