SpiceJet promoter Ajay Singh pledges 2.78% shares to secure credit facility

SpiceJet promoter and chief Ajay Singh has pledged around 2.78 per cent shares towards securing a credit facility for the airline.

A total of 1.67 crore shares were pledged in favour of IDFC First Bank Ltd on October 24, according to a filing submitted by the carrier to the BSE on Saturday.

These shares, which account for 2.78 per cent shareholding, have been pledged to "secure a credit facility obtained by SpiceJet", it added.

With the latest pledge of shares, a total of 26.32 per cent shareholding of Singh is now encumbered.

Individually, he has a stake of 50.75 per cent in the company, as per the filing.