SpiceJet shares extend rally, up 10% in 2 days; here's what's driving stock

SpiceJet shares gained 2.9 per cent in trade on BSE, logging an intraday high at Rs 46.75 per share. The stock extended rally for the second consecutive session and surged nearly 10 per cent. 

 

The buying interest in the stock sparked after promoter Ajay Singh through a bulk deal on BSE, sold 20 million shares for Rs 45 per share. Conversely, Plutus Wealth Management LLP bought 7.5 million shares at Rs 45 per share, as per BSE data. 

 

Around 10:12 AM, SpiceJet share price was up 2.42 per cent at Rs 46.51 per share on BSE. In comparison, the BSE Sensex was up 1.04 per cent at 74,939.10. The market capitalisation of the company stood at Rs. 5,961.12 crore. The 52-week high of the stock was at Rs 79.9 per share and the 52-week low was at Rs 39.91 per share.  ALSO READ: Stock Market LIVE: Sensex climbs 800 pts to 74,970; Nifty at 22,740; Financials, Auto, Metal lead

 

 

On Monday. March 17, 2025, Singh had announced to infuse Rs 294.09 crore through Spice Healthcare Private Limited into the company. The warrants of 13,14,08,514 were to be converted into equivalent number of equity shares (131.4 million equity shares). This strategic move was significant to increase the consolidated shareholding of the promoter group in SpiceJet from the current 29.11 per cent to 33.47 per cent. 

 

Further, Singh was supposed to dispose up to 31.5 million equity shares of the company and utilise the proceeds to enable Spice Healthcare Private Limited to partially fund the balance of 75 per cent of the amount at the time of allotment of the equity shares. 

 

As per the filing, the successful conversion of warrants and subsequent capital infusion marks another significant step in SpiceJet’s ongoing turnaround strategy. 

 

"The infusion underscores the Promoter Group’s continued confidence in SpiceJet’s long‐term growth potential and strategic direction," the filing read. 

 

Meanwhile, a meeting of the board of the company will be held shortly, on or before March 18, 2025, to approve the allotment of equity shares pursuant to the exercise of the warrant conversion option.

 

In the past one year, SpiceJet shares have lost 23 per cent against Sensex's rise of nearly 2 per cent.