SpiceJet hits fresh 52-week high as Ajay Singh takes charge

NEW DELHI: SpiceJet Ltd rallied as much as 3.1 per cent in intraday trade on Tuesday to hit its 52-week high of Rs 24.75, after the ownership of budget carrier came back in the hands of its original promoter Ajay Singh again, after the shares of the Marans' family were physically transferred to his account.

The stock ended the day at Rs 24.15; up 0.63 per cent, on the BSE.

"The entire 58.46 per cent stake of the Marans' have been transferred to Ajay Singh," PTI reported quoting a sources closer to the development.

Singh had exited from the carrier around four year ago. In late January, SpiceJet board had approved transfer of entire 58.46 per cent stake of Marans family's to Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities under a revival plan.

After approval from the Home Ministry, Ajay Singh will be appointed as director on the board of SpiceJet with majority stake in his hand, they said.

The report further highlighted that with clearance from the Competition Commission of India (CCI) already in place, Singh is now awaiting nod from the Home Ministry for his appointment as Director on the board of SpiceJet.