Low-cost carrier SpiceJet, which is being eyed by other airlines including Vijay Mallya’s Kingfisher, on 18 June denied any move to offload stake, and said it has adequate resources to fund expansion plans.
“SpiceJet would like to reiterate that there is absolutely no plan to sell any stake in the company to anybody. It is one of the best funded airlines in the country with a large cash reserve for expansion,” an airline spokesperson said in a statement.
SpiceJet Director Ajay Singh said SpiceJet’s promoters can’t sell their stake until February 2008, according to an agreement between them.
Royal Holding Services, which owns 12.91% of SpiceJet, is one of the founders of the airline, along with investors such as Singh, who has a 4.16% stake, according to the SpiceJet Web site. Istithmar holds 13.42% in the airline.Shares of SpiceJet advanced Rs 2.2, or 3.8%, to 59.65 at the close of trading on the Bombay Stock Exchange today, having risen as much as 6% earlier.
Read more in The Livemint article.
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