SpiceJet chairman Ajay Singh may sell over 10% stake in airline to raise funds
The Hindu
SpiceJet seeks to raise funds through QIP to address financial challenges, with Chairman Ajay Singh potentially offloading over 10% stake.
SpiceJet promoter and chairman Ajay Singh may offload more than 10% stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources.
The budget carrier — which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft — is looking to raise money that will help it meet various obligations.
Also read | SpiceJet vs IndiGo: How pandemic set the two airlines on diverging paths
One of the sources said that Mr. Singh could offload up to a 15% stake in the airline if certain conditions are conducive.
Mr. Singh, who is the Chairman and Managing Director, would be offloading around 10% shareholding in the airline and the quantum could go up, the second source said.
For the proposed QIP (Qualified Institutional Placement), there is already a commitment for up to ₹2,000 crore and the airline is in discussions with potential investors. Meetings with investors have been held in India and overseas, the sources in the know said.
There was no official comment from SpiceJet.
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