Spicejet shares in focus after Rs 51 crore block deal
SpiceJet will be in focus on Tuesday after Gujarat-based Plutus Wealth Management LLP acquired 85 lakh shares of SpiceJet, worth Rs 51 crore, on Monday through a block deal.
Plutus purchased SpiceJet shares at Rs 59.95 each, an increase from Friday's closing price of Rs 58.99. On Monday, the stock rose 8% or Rs 5 to close at Rs 63.70.
This marks the fifth block deal for SpiceJet in less than a week. On Friday, Singularity Holdings Limited acquired 65 lakh shares valued at Rs 40 crore. Earlier, Vikasa India EIF I Fund and Societe Generale also purchased shares, while Authum Investment & Infrastructure sold its stake.
The low-cost airline has successfully completed its Rs 3,000 crore qualified institutional placement (QIP), attracting global investors such as Goldman Sachs and Morgan Stanley.
“SpiceJet is an airline with strong fundamentals, but it faced significant challenges due to two major events: the global grounding of the Boeing 737 Max and the COVID-19 pandemic,” Singh mentioned in an interview with ET.
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