Spicejet gets $118.5mln investment proposals

New Delhi, Dec 12: Low-cost carrier Spicejet today said it has received investment proposals worth 118.5 million dollars from five companies in response to which it will offer equity up to 80 million dollars.

The investment proposals are from companies include Tata Group's Tata Investment Corp for 1.2 million dollars and Ewart Investment Ltd for 16 million dollars, Texas Pacific Group Ventures for 30 million dollars, Istithmar PJSC for 25 million dollars and Goldman Sachs for 5 million dollars.

''We are delighted that high quality investors are investing in Spicejet. The house of Tatas is India's one of the finest business groups. Texas Group is one of the world's best-known investment funds with rich experience in aviation sector. Istithmar and Goldman Sachs, associated with us since long, have reiterated their support through their fresh offer,'' Spicejet Director told reporters here.

The company is confident that these investor will add tremendous value to Spicejet, he added.

The airline's board has approved the proposal for the issue of equity shares on preferential basis to the foreign and domestic investors and has recommended the matter to the members, who are expected to meet on January 11.

Spicejet had earlier raised funds through a 80 million dollars overseas convertible bond issue and a 12.5 million dollars stake sale to Istithmar.

UNI