Aug 14, 2024 12:37 PM IST
SpiceJet’s co-founder Ajay Singh to sell more than 10% stake to raise funds
Ajay Singh, the co-founder, chairman, and MD of SpiceJet is planning to sell more than 10% of his stake in the cash-strapped airline for raising around ₹3,000 crore, the Economic Times reported, citing unnamed sources. HT couldn’t independently verify the information.
Singh’s stake is expected to fall somewhere between 30-35%, with him and his family currently holding 47.8% stake in the airline, the report read, adding that 38.8% was pledged to lenders.
The share sale is to raise fresh capital for the company.