SpiceJet up nearly 3% as promoter explores fundraising from global private credit funds

Currently, SpiceJet promoters led by Singh, who is also the Chairman and Managing director of the airline hold 56.5 percent stake in the company of which 37.9 percent is pledged with various lenders.

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Shares of low-cost carrier SpiceJet ended with gains on November 28 after a Moneycontrol exclusive report said that promoter Ajay Singh was in discussions with a clutch of global private credit funds to raise up to $100 million to refinance part of promoter debt and potentially infuse fresh equity in the cash-strapped airline.

“Several global funds are in discussions and talks are currently focussed around the pricing of the loan, which is likely to be a structured credit transaction,” sources told Moneycontrol.

Also read: Exclusive: Spicejet promoter Ajay Singh in talks with credit funds to raise $100 million

The talks are currently at a fairly early stage with no certainty of a transaction, but the improving profitability of India’s aviation sector coupled with the bankruptcy-led exit of Wadia Group’s budget carrier GoFirst has improved SpiceJet’s prospects to repay debt and manage finance.

Currently, SpiceJet promoters led by Singh, who is also the Chairman and Managing director of the airline hold 56.5 percent stake in the company of which 37.9 percent is pledged with various lenders.

The budget carrier is currently in urgent need of cash infusion, owing to a number of legal cases it is facing with regard to non-payment of dues, including the airline’s former promoters as well as aircraft lessors. In July, the company said that Ajay Singh would infuse Rs 500 crore in lieu of fresh equity shares or convertible instruments or both.

Shares of the company ended the day at Rs 44.81, up 2.59 percent on BSE.