SpiceJet promoter Ajay Singh is mulling the possibility of a partial stake sale in the airline, according to sources.
Singh currently reportedly holds a majority 60 per cent in the airline said the company continues to be in discussions with various investors to secure financing.
“The company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations,” a SpiceJet spokesperson said.
Reacting to the news of a possible stake sale by the promoter, the shares of the airline rose around 5 per cent to trade at Rs 46.55.
Separately, the low-cost carrier on Tuesday entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator.
With this, SpiceJet will no longer remain on ‘cash and carry’ at AAI-run airports across the country and will revert to an advance payment mechanism for daily flight operations.
SpiceJet’s ability to clear the pending dues reflects the airline’s improved cash flow in recent times.In another big boost for the airline, AAI will release SpiceJet’s Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline, SpiceJet had said in a statement.
However, SpiceJet has been going through a highly turbulent phase in recent times on account of several glitches and a non-adherence to mandated guidelines in regards to the training of some pilots.
