Spice Jet hits 52-week high; 70% upmove in one month
After Kalanithi Maran and his associates decided to transfer the ownership and management control of the airline to former promoter Ajay Singh and a clutch of investors, shares of Spice Jet got locked in upper circuit for second straight day, up 10% at Rs. 22.55, also its 52-week high on BSE.
According to Business Standard reports, under the revival plan, SpiceJet is due to get Rs 1,500 crore in three equal tranches by March from the investors, while Maran will pay off part of the Rs 1,400 crore liabilities. Maran, and associate company KAL Airways, will offload the entire 58% promoter stake to Singh and investors like JP Morgan. Singh is also expected to seek waiver from an open offer from capital markets regulator Securities and Exchange Board of India (Sebi).
Source: Business Standard
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