Spicejet to raise Rs 531 cr

Spicejet will raise Rs 530.76 crore or Rs 5.3 billion ($118.5 million) through issue of equity shares on preferential basis to various foreign and domestic investors.

The potential investors include Tata group companies, Texas Pacific group ventures, Istithmar PJSC and Goldman Sachs amongst others, the company said.

Tata Investment Corporation Ltd proposed $1.2 million, Ewart Investments Ltd -- an investment company of the Tata group -- offered $16 million, Texas Pacific group came up with $30 million, Istithmar PJSC with $25 million, Goldman Sachs offered $5 million.

The board has approved the proposal and recommended that these would be placed for shareholders approval at the ensuing meeting proposed to be held on January 11.

The company entails to issue equity on a preferential basis for approximately $80

million. With this, the Dubai-based investment arm Istithmar PJSC would increase their stake in the group.

Till September quarter, Istithmar had 3.34 per cent stake in the company. Pursuant to this approval from the Spicejet board, Tata group is set to acquire 7.5 to 10 per cent stake in SpiceJet.

Shares of the company were trading at Rs 60.45, up 4.22 per cent on the BSE.

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