 "Spicejet Express")
SpiceJet shares soared 5 per cent to Rs 72.4 apiece on the BSE in the intra-day trade on Tuesday, but ended 4.6 per cent higher at Rs 71.9, after the budget airline announced transferring of its cargo and logistics services business, on a slump sale basis, to SpiceXpress and Logistics Pvt. Limited subject to shareholders’ approval.
Besides, it has also sought shareholders’ approval to raise funds worth Rs 2,500 crore through Qualified Institutions Placement.
Analysts say the move will remove key overhangs from the stock and suggest investors ‘hold’ it in their portfolios, for now.
