SpiceJet shares fly 52-week high on ‘confirmed’ bid for Go First

The board of the SpiceJet has also recently approved and initiated process of raising fresh capital of about $270 million to strengthen the low-cost carrier’s financial position and provide resources to invest in growth plans.

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Shares of SpiceJet soared nearly 8 percent to hit a 52-week high of Rs 64.21 on December 19 after the company confirmed its interest in bidding for the bankrupt Go Airlines (India) Ltd, known as Go First.

The company believes that the move will help create a strong and viable airline with the combination of Go First and SpiceJet.

The SpiceJet board has also recently approved and initiated the process of raising fresh capital of about $270 million to strengthen the low-cost carrier’s financial position and provide resources to invest in growth plans.

At 10.09 am, shares of SpiceJet were trading 6.2 percent higher at Rs 68.19 on the NSE.

CNBC-TV18 also managed to access SpiceJet’s letter to resolution professional (RP) Shailendra Ajmera, in-charge of overseeing Go First’s corporate insolvency resolution process. Through the letter, SpiceJet expressed interest in the resolution process of Go First and wished to submit an expression of interest (EoI) along with a viable revival plan for the grounded airline.

“The combination of SpiceJet and Go First will provide synergy and sustainable business  model,” SpiceJet CMD Ajay Singh stated in the letter.

Aside from SpiceJet, Sharjah-based Sky One Company, and Africa-focused Safrik Investments have also reportedly shown an interest in buying the bankrupt airline Go First.

Also Read | SpiceJet, 2 others in race to bid for bankrupt Go First; share price surges 20%

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