Istithmar World sells 6.89 pc stake in Spicejet for Rs 118 cr | business | Hindustan Times
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Istithmar World sells 6.89 pc stake in Spicejet for Rs 118 cr

business Updated: Jul 06, 2010 20:54 IST

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Dubai-based investment house Istithmar World PJSC on Tuesday offloaded 6.89 per cent stake in the low cost carrier Spicejet for Rs 118.54 crore, through an open market transaction.

Istithmar World PJSC has sold 2.21 crore shares, representing 6.89 per cent stake in Spicejet at Rs 53.55 per share, aggregating to Rs 118.54 crore, according to the bulk deal data available on the Bombay Stock Exchange.

Yesterday, Istithmar World informed the BSE that it had acquired 22.14 million shares on conversion of foreign convertible currency bonds worth Rs 55.34 crore.

In February, Istithmar had sold nearly 14 per cent stake in the airline for Rs 164 crore.

Last month, media magnate Kalanithi Maran's KAL Airways had acquired nearly 37.7 per cent stake in SpiceJet for about Rs 740 crore from investors Wilbur Ross and B Kansagara.

Maran had then launched an open offer to acquire an additional 20 per cent in the no frills carrier for Rs 57.76 a share.

In another bulk deal on the BSE, Legg Mason Southeast Asia Special Situations Trust and DB Fund Mauritius Ltd has acquired 1,15,61,312 shares, representing 4.77 per cent holding in Spicejet, aggregating to Rs 61.95 crore.

Legg Mason Southeast Asia Special Situations Trust has acquired 64,74,335 shares at Rs 53.5 a piece, totaling Rs 34.63 crore and DB Fund Mauritius Ltd has purchased 50,86,977 shares at Rs 53.7 per share, aggregating to Rs 27.31 crore, through open market.

Shares of Spicejet today closed at Rs 54.15 on the BSE, down 1.28 per cent from the previous close.

With the sale and acquisition of its shares, two top executives of the airline, CEO Sanjay Agarwal and Vice President (Marketing) Anish Srikrishna, have put their papers.

Kishore Gupta, a member of the SpiceJet board, has taken over as CEO as part of an interim arrangement.