SpiceJet stock sale okayed

New Delhi: The shareholders of SpiceJet have approved selling $70 million worth of stock to investors, including the Tata group, Goldman Sachs group and BNP Paribas.
“The company will issue 50 million new shares at about Rs 52 each, resulting in an equity dilution of 23-24 per cent,” said Ajay Singh, executive director of the New Delhi-based low-cost airline.
While the Tata group will be allotted shares worth $16.8 million, Istithmar will receive equity worth $25 million, BNP Paribas $15 million, Telemnix $7 million, Goldman Sachs $5 million and UK’s KBC Fund $2.5 million.
The move is aimed at raising funds for fleet expansion. Most airlines in the country are selling shares and bonds to buy new planes as low fares and rising income encourage more people to fly.
12/01/07 The Telegraph

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