Istithmar sells SpiceJet stake for Rs 160 crore

MUMBAI: Istithmar World Capital, the investment arm of Dubai World, has sold its entire 13.4 per cent holding in budget airline SpiceJet, a source with direct knowledge of the deal said on Friday.

Istithmar sold its stake via two block deals for a total consideration of around 1.6 billion rupees to a couple of domestic funds and an FII, the source said, which three other bankers confirmed.

Bank of America Merrill Lynch was the sole arranger of the deal, they said.