Rakesh Jhunjhunwala boards SpiceJet

Billionaire investor Rakesh Jhunjhunwala has acquired a 1.4% stake in SpiceJet, after purchasing 75 lakh equity shares worth R13.41 crore in beleagured, low-cost airline SpiceJet.

According to BSE’s bulk deals data, Jhunjhunwala’s asset management firm Rare Enterprises made the purchase on Friday.

Jhunjhunwala’s investment into SpiceJet, though miniscule, could send out a positive signal to investors as the company scouts for investors to turn around the operations. On Friday, shares of SpiceJet closed up 18.36% at R18.24 on the BSE.

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During the July-September quarter, SpiceJet reported a reduction in its net loss by 45% to R310.44 crore. This was on the back of higher load factor and passenger revenue and lower expenses.

As of September 30, Kal Airways holds 29.24% in the airline, while Kalanithi Maran held 24.24%. During the same period Ewart investments held 1.79% while Kalpana Singh held 1.41% stake in the airline.

The Kalanithi Maran-promoted carrier’s revenue increased by 15% to R1,449.94 crore during the September quarter while its expenses were down by 2% to R1,749 crore.