SpiceJet has moved up in noon trades on news of international operations.
The stock opened at Rs 59.40 and surged to a high of Rs 61.40 - up 4%. It is now trading with a 3.3% gain at Rs 60.90. Around 1.86 million shares have changed hands at the counter on the BSE so far.
Three foreign investors are planning to raise their stake in Spicejet which would help the aviation company to take on Air India and Jet Airways operations.
Wilbur Ross, Goldman Sachs and Dubai's Istithmar may raise stake in low-cost carrier SpiceJet to 40% as they are likely to convert their debt holdings in the firm to equity. Ross, Goldman Sachs and Istithmar had together invested $100 million in the five-year-old airline in 2008. Of this, Ross' individual investment was $68 million.
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