Troubled airliner SpiceJet received a much awaited
relief after billionaire investor Rakesh Jhunjhunwala acquired a 1.4% stake in it
by purchasing 75 lakh equity shares worth R13.41 crore.
According to BSE’s bulk deals data, Jhunjhunwala’s
asset management firm Rare Enterprises made the purchase on Friday.
The investment, though miniscule could send out a
positive signal to investors as the company scouts for investors to turn around
the operations. On Friday, shares of SpiceJet closed up 18.36% at R18.24 on the
BSE.
During the July-September quarter, SpiceJet reported
a reduction in its net loss by 45% to R310.44 crore. This was on the back of
higher load factor and passenger revenue and lower expenses.
As of September 30, Kal Airways holds 29.24% in the
airline, while Kalanithi Maran held 24.24%. During the same period Ewart
investments held 1.79% while Kalpana Singh held 1.41% stake in the airline.
The Kalanithi Maran-promoted carrier’s revenue
increased by 15% to R1,449.94 crore during the September quarter while its
expenses were down by 2% to R1,749 crore.
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