SpiceJet hits 52-week high after Ajay Singh regains control

SpiceJet rose 1.67% to Rs 24.40 at 14:45 IST on BSE after the company said Mr Ajay Singh has become the new promoter of the company.

The company made announcement during market hours today, 24 February 2015.

Meanwhile, the S&P BSE Sensex was up 42.12 points or 0.15% at 29,017.23.

On BSE, so far 65.49 lakh shares were traded in the counter as against average daily volume of 1.27 crore shares in the past two weeks.

The stock hit a high of Rs 24.75, also a 52-week high for the stock. The sock hit a low of Rs 24.20 so far during the day. The stock had hit a 52-week low of Rs 11.10 on 13 August 2014.

The stock had outperformed the market over the past one month till 21 February 2015, rising 7.87% compared with 1.04% fall in the Sensex. The scrip had also outperformed the market in past one quarter, surging 49.44% as against Sensex's 2.26% rise.

The mid-cap airliner has equity capital of Rs 599.45 crore. Face value per share is Rs 10.

Spicejet said that pursuant to the share sale and purchase agreement dated 29 January 2015 between the company, Mr Kalanithi Maran, Kal Airways and Mr Ajay Singh, the entire shareholding of Mr Kalanithi Maran and Kal Airways (the existing promoters) aggregating to 35.04 crore shares (58.46%) has been transferred to Mr Ajay Singh on 23 February 2015. Consequently, Mr Ajay Singh has become the promoter of the company and Mr Kalanithi Maran and Kal Airways have ceased to be promoters of the company.

Singh, the original promoter of SpiceJet, is now back at the helm as part of a scheme of reconstruction and revival for the takeover of ownership, management and control of SpiceJet.

SpiceJet reported net loss of Rs 275.03 crore in Q3 December 2014, compared with consolidated net loss of Rs 172.80 crore in Q3 December 2013. Total income fell 27.3% to Rs 1322.54 crore in Q3 December 2014 over Q3 December 2013.

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