Spicejet offloads 5.43 per cent to BNP Paribas
20 Feb 2007
Mumbai: Low-cost carrier Spicejet said on Monday that it had raised funds of over Rs68 crore by allotting 1.30 crore equity shares to BNP Paribas Arbitrage Fund. The allotment has been made out of Spicejet's proposed preferential issue of 7.20 crore equity shares. The shares allotted were issued at a price of Rs52.69 per equity share.
BNP Paribas Arbitrage Fund acquisition of the shares now give it a 5.43 per cent stake in the airline company, Spicejet has informed the BSE.
BNP Paribas is only the latest among a number of companies that have also picked up significant stakes in Spicejet. These are the Tata Group, Ishtitmar, Telemnix, Goldman Sachs and UK's KBC Fund.
Spicejet had informed the Bombay Stock Exchange recently that it would offer equity shares on preferential basis to various foreign and domestic investors.
The carrier's offering of shares on preferential basis is aimed at raising funds for non-aircraft capacity expansion purposes, such as engineering and the strengthening of call centers.
