SpiceJet denies offloading equity stake

New Delhi, June 18 (UNI) Low-cost airline SpiceJet today denied any plan to offload a portion of its equity and said it has large cash reserve to fund its expansion.

It released an official statement to this effect as speculation spread of Paramount Airways picking up 26 per cent stake for Rs 500 crore to 600 crore.

Late last week, even Kingfisher Airlines's chairman Vijay Mallya said he will be interested in buying out a stake in SpiceJet.

''There is absolutely no plan to sell any stake in the company to anybody,'' said a statement issued by SpiceJet which has stakeholders like the Kansagras family, Mr Ajay Singh and Dubai-based Istithmar Holdings.

''SpiceJet is one of the best funded airlines in the country with a large cash reserve to fund it expansion. There is no requirement to raise any funding at this time. Our financial strength can be gauged from the fact that we have recently placed orders for 10 Boeing 737-800 at a cost of 700 million dollars at list price.'' MORE UNI