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SpiceJet hits 52-week high on heavy volumes

Around 22.8 million shares have changed hands on the counter till early noon deals against an average around 7 million shares that were traded daily in past ten trading days

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SpiceJet has surged 17% to Rs 45.85, also its 52-week high, on back of over two-fold jump in its trading volumes on the Bombay Stock Exchange.

As many as 22.8 million shares have already changed hands on the counter till early noon deals against an average around 7 million shares that were traded daily in past ten trading days.

The stock has rallied over 30% in past four trading sessions after the company promoted by Kalanithi Maran, Sun Group decided to issue shares to its promoters on the preferential basis.

“The board of directors of the company at its meeting held on November 21, 2012 has decided to issue convertible debenture and/or warrants convertible into up to a maximum of 52.18 million equity shares to the promoter of the company, on preferential basis on a price to be determined as per Sebi regulations,” SpcieJet said in a statement.

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