On March 17, SpiceJet experienced a notable surge in its stock price, climbing more than 5% during morning trading on the Bombay Stock Exchange (BSE). This upswing came after the airline disclosed that a promoter group had successfully converted warrants into shares, thereby boosting their ownership stake to approximately 33.5%.
Stock Performance Overview
Opening the day at ₹45.20, SpiceJet’s shares quickly rose by 5.4%, reaching ₹47.93. By around 9:55 AM, the stock was trading at ₹47.81, marking a 5.12% increase. If this upward trend continues, it will break a losing streak that has seen the stock decline by 10% over the past week—its steepest drop in recent months.
- 52-week high: ₹79.90 (September 16, last year)
- 52-week low: ₹39.91 (February 18, this year)
Promoter Stake Increase
In a strategic move, SpiceJet’s founder and promoter, Ajay Singh, via Spice Healthcare Private Limited, will be investing a substantial ₹294.09 crore into the company. This capital infusion is achieved through the conversion of 13,14,08,514 warrants into an equal number of equity shares. As a result, the promoter group’s consolidated shareholding will rise from 29.11% to 33.47%.
“Spice Healthcare Private Limited has successfully converted 13,14,08,514 warrants into equivalent equity shares of SpiceJet,” the company confirmed in a filing during market hours on March 17.
Recent Share Transactions
Moreover, on March 13, Ajay Singh executed a block deal, selling 1,15,38,462 shares, which represented 0.89% of SpiceJet’s stake. The proceeds from this sale are intended to partially fund the remaining 75% of the amount due at the time of the equity share allotment.
This strategic maneuvering by SpiceJet’s management is designed not only to bolster financial health but also to reinforce the promoter’s commitment to the airline’s future.
For those interested in keeping up with market trends, further updates can be found on financial news platforms and stock market websites.
