Authum Investment and Infrastructure Ltd., a public shareholder in SpiceJet Ltd., pared a stake worth Rs 37.2 crore in the private carrier through a bulk deal on Tuesday.
Authum Investment sold 56.3 lakh shares, or 0.71% stake, in SpiceJet at a price of Rs 66.21 apiece, according to the data available on the BSE.
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The company held a stake of 3.55% in the airline till Sept. 20. The offloading of shares via the bulk deal has reduced its shareholding to 2.84%.
Meanwhile, Altitude Investment Fund PCC - Cell 1 has bought 50 lakh shares in SpiceJet at a price of Rs 65.95 apiece. This takes the overall purchase value to Rs 32.9 crore.
The acquired stake accounts for 0.63% of SpiceJet's overall shareholding, the BSE data showed.
The bulk deals came on a day when SpiceJet announced an amicable settlement of its dispute with Engine Lease Finance Corp. The latter had earlier sought $16.7 million, or around Rs 140 crore, from SpiceJet. However, a settlement has been reached for an undisclosed amount which is lower than the original claim.
“We are pleased to have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate. This agreement not only resolves past issues but also strengthens our position as we embark on the next phase of growth and expansion,” said Ajay Singh, chairman and managing director of SpiceJet.
The settlement follows SpiceJet's Rs 3,000-crore fundraise through a qualified institutional placement, announced on Sept. 23. The QIP was part of the airline's strategy to bolster its balance sheet and tackle ongoing financial challenges.
Shares of SpiceJet closed 6.03% lower on the BSE at Rs 66.04 apiece, compared to a marginal decline of 0.02% in the Sensex.
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