SpiceJet shares fly 5% before AGM review of Rs 2,250-cr investment plan

The investment, if approved, will be used to fuel SpiceJet’s expansion and revitalisation plans.

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Shares of SpiceJet zoomed 5 percent in opening trade on January 10, a day before the company’s annual general meeting, where the beleaguered airline plans to seek approval from stakeholders to raise Rs 2,250 crore to fuel its expansion and revitalisation.

The airline also unveiled its vision for SpiceJet 3.0, aimed at bringing 25 grounded aircraft back into operations. The firm’s ambitious revitalisation plans have also garnered interest from the investor community, with reportedly 64 entities showing willingness to invest in the low-cost carrier.

To further beef up its presence, SpiceJet is also in the race to acquire bankrupt rival GoFirst. The move is part of SpiceJet’s strategic plan to create a combined entity with a market share target of 25 percent.

At 9.34am, shares of SpiceJet traded at Rs 63.99 on the National Stock Exchange.

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CNBC-TV18 also reported citing sources that Carlyle Aviation Partners, which has a strong presence in the aviation investment sector, is also interested in investing in SpiceJet. A recent meeting between the president of Carlyle Aviation and SpiceJet CMD Ajay Singh discussed potential prospects and strategies for SpiceJet and its cargo arm, SpiceXpress, the CNBC-TV18 report said.

Carlyle Aviation holds a 7 percent stake in SpiceJet, while promoter Ajay Singh, retains a substantial 57 percent stake.

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