Saturday , October 16 2021

SpiceJet gains on getting shareholders’ nod to transfer logistics biz to subsidiary

SpiceJet is currently trading at Rs. 79.15, up by 0.60 points or 0.76% from its previous closing of Rs. 78.55 on the BSE.

The scrip opened at Rs. 78.55 and has touched a high and low of Rs. 79.70 and Rs. 77.05 respectively. So far 1168858 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 107.95 on 11-Dec-2020 and a 52 week low of Rs. 45.60 on 25-Sep-2020.

Last one week high and low of the scrip stood at Rs. 82.65 and Rs. 72.80 respectively. The current market cap of the company is Rs. 4705.86 crore.

The promoters holding in the company stood at 59.54%, while Institutions and Non-Institutions held 3.24% and 37.22% respectively.

SpiceJet’s shareholders have approved the transfer of its cargo and logistics services business to a subsidiary, on a slump sale basis, through an all-share deal worth over Rs 2,555 crore, a move that will help the airline to significantly reduce its negative net worth.

Besides, the shareholders have cleared the proposal to raise to Rs 2,500 crore through the Qualified institutional placement (QIP) route.

SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before.

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