SpiceJet MD Ajay Singh sells 0.9% stake in company for Rs 52 crore

Ajay Singh, one of the promoters and MD of SpiceJet, on Thursday divested nearly 1 per cent stake in the budget airline for Rs 52 crore through an open market transaction.

According to the bulk deal data on the BSE, Ajay Singh sold over 11.5 million shares, amounting to a 0.9 per cent stake in Gurugram-based SpiceJet.

The shares were disposed of at an average price of Rs 45.34, taking the transaction value to Rs 52.31 crore.

After the stake sale, Singh's holding in SpiceJet has come down to 22 per cent from 22.90 per cent. Also, the combined shareholding of promoters and promoter group of the company has declined to 28.23 per cent from 29.13 per cent.

Details of the buyer(s) of SpiceJet's shares could not be ascertained on the exchange.

Shares of SpiceJet on Thursday declined 6.38 per cent to close at Rs 45.48 apiece on the BSE.

Earlier, the budget airline was facing a fresh round of troubles as three Ireland-based aircraft lessors and a former pilot filed insolvency pleas in NCLT against the budget carrier, claiming defaults.

Three lessors - NGF Alpha, NGF Genesis and NGF Charlie - filed petitions under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues totalling USD 12.68 million (about Rs 110 crore).

Later, the company clarified that during the proceedings of NCLT, it sought some time to resolve the matter as settlement talks were going on.

Last month, SpiceJet reported a profit after tax of Rs 26 crore for the three months ended December 2024, helped by overall improved performance.

The carrier had posted a loss of Rs 300 crore in the year-ago period. Its total revenue stood at Rs 1,077 crore in the 2024 September quarter.

However, compared to Rs 2,149 crore reported for the three months ended December 2023, the total revenue is lower in the latest December quarter.