Crisis-hit SpiceJet got a sigh of relief after businessman Harihara Mahapatra and his wife Preeti Mahapatra reportedly decided to invest Rs 1,100 crore in the airline for a 19 per cent stake in the companies. According to the Economic Times, which reviewed a funding proposal, Aries Opportunities Fund will hold 3 per cent while Elara Capital will hold 8 per cent after the conversion of warrants.
This comes after SpiceJet revealed last week that several wealthy individuals would invest over Rs 2,000 crore in the company using 320.8 million new equity shares and 130 million convertible warrants. As a result, promoter Ajay Singh's existing 56.49% stake in the airline is expected to drop to at least 38.55%, the Economic Times reported.
SpiceJet's share jumps nearly 8 per cent
Meanwhile, on Tuesday, shares of SpiceJet jumped nearly 8 per cent in intra-day trade after the company said it has expressed interest to acquire Go First and plans to submit its offer after carrying out due diligence of the bankrupt carrier. The stock climbed 7.77 per cent to Rs 69.20 -- its 52-week high -- during the trade on the BSE. It finally ended at Rs 66.08, up 2.91 per cent.
SpiceJet's loss in September quarter
SpiceJet reported a narrowing of consolidated loss of Rs 446.09 crore in the three months ended September, mainly as the crisis-hit carrier reduced overall expenses.
The consolidated results include the financials of nine subsidiaries. On a consolidated basis, the airline recorded a total comprehensive loss of Rs 446.09 crore in the latest September quarter. In the year-ago period, it stood at Rs 829.98 crore, according to a regulatory filing.
Total income was at Rs 1,725.81 crore, lower than Rs 2,101.79 crore posted in the same period a year ago. During the latest September quarter, total expenses dropped to Rs 2,175.24 crore from Rs 2,935.02 crore in the year-ago period.
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