Goldman picks up 6pc stake in SpiceJet

MUMBAI: Foreign fund house Goldman Sachs Investment Partners Mauritius on Tuesday picked up 6 per cent stake in the leading low-cost airline SpiceJet by converting the 1.5-crore warrants it has purchased from the airline in December 2008 into equity.

The airline has allotted 1.53 crore shares, representing 6 per cent stake, of Rs 10 each at a premium of Rs 29.46 per equity to GS Investment Partners Mauritius consequent upon conversion of same number of warrants earlier issued to them on preferential basis, SpiceJet said in a filing to the BSE.

In December 2008 SpiceJet had issued 1.53 crore warrants to Goldman Sachs Investment Mauritius with a lock-in period up to December 11, 2009.

Shares of Spicejet soared 9.59 per cent to touch an intra-day high of Rs 62.25 on the BSE today. The stock then settled at Rs 59.40, up 4.58 per cent.

Last month, the Delhi-based no-frills carrier had said it would raise Rs 355 crore through the sale of shares or bonds to fund its fleet and route expansion programme.

The company, had informed that it planned to induct five new aircraft during the year to capitalise on demand.

SpiceJet has received government approval to fly to several Saarc countries and is in the process of planning and launching services to these countries, it said.