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SpiceJet promoter to increase stake at 50% premium
SpiceJet has decided to issue 35,977,619 equity shares at an average price of `36/share
to Mr. Kalanithi Maran on preferential basis. This shows the underlying confidence that the
promoter has in the company given the current market scenario. The promoter’s stake will
increase to 43% post dilution. The company will be able to raise nearly `130cr from the
equity dilution, which will help it in the current market, where the company is losing money
because of artificial low pricing and high fuel cost. The company reported loss of `72cr in
1QFY2012 and is expected to report loss in 2QFY2012E also. We continue to remain
Neutral on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
SpiceJet promoter to increase stake at 50% premium
SpiceJet has decided to issue 35,977,619 equity shares at an average price of `36/share
to Mr. Kalanithi Maran on preferential basis. This shows the underlying confidence that the
promoter has in the company given the current market scenario. The promoter’s stake will
increase to 43% post dilution. The company will be able to raise nearly `130cr from the
equity dilution, which will help it in the current market, where the company is losing money
because of artificial low pricing and high fuel cost. The company reported loss of `72cr in
1QFY2012 and is expected to report loss in 2QFY2012E also. We continue to remain
Neutral on the stock.
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