SpiceJet board okays Tata stake buy

NEW DELHI: The SpiceJet board on Monday gave the green signal to Tata group’s investment in the low-cost carrier. The Tatas are believed to have picked up anywhere between 7.5%-10% stake in the group for around Rs 95 crore.

A company spokesperson confirmed that the board has also approved the existing shareholders — Dubai-based Istithmar and Goldman Sachs — increasing their stake in the group. However, the company spokesperson refused to give details of the deal.

The group will hold a media conference on Tuesday to give details of its overall fund-raising in this round. SpiceJet has been in the process of raising around $60 million for consolidating operations.

The board meeting, which began around 4 pm, was still on late into the evening. In December last year, SpiceJet had raised $70 million through an overseas convertible bond issue.