SpiceJet rallies over 17% as Jhunjhunwala picks up 75 lakh shares
At 09:50 a.m.; SpiceJet was trading 13.5 per cent higher at Rs 20.70. It hit a low of Rs 19.20 and a high of Rs 21.40 in trade today.
By ET Online |
NEW DELHI: SpiceJet Ltd rallied as much as 17.32 per cent in trade on Monday, after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of SpiceJet for more than Rs 13 crore through open market route, amid the no frills carrier facing tough business conditions.
The stock closed the day at Rs 21.25, up 16.50 per cent, on the Bombay Stock Exchange.
The share purchase comes days after SpiceJet said that a few parties have evinced interest in making investments in the carrier.
According to bulk deal details with the BSE, Rare Enterprises acquired 75 lakh shares. Based on the total number of shares of more than 53.5 crore at the end of September, Friday's share sale would amount to about 1.4 per cent stake, PTI reported.
The shares were bought for an average price of Rs 17.88 apiece, valuing the transaction size at Rs 13.41 crore.
The stock closed the day at Rs 21.25, up 16.50 per cent, on the Bombay Stock Exchange.
The share purchase comes days after SpiceJet said that a few parties have evinced interest in making investments in the carrier.
According to bulk deal details with the BSE, Rare Enterprises acquired 75 lakh shares. Based on the total number of shares of more than 53.5 crore at the end of September, Friday's share sale would amount to about 1.4 per cent stake, PTI reported.
The shares were bought for an average price of Rs 17.88 apiece, valuing the transaction size at Rs 13.41 crore.
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