Discovery Global Management Exits SpiceJet, Sells 2.2% Stake For Rs 119 Crore
Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73% stake in SpiceJet for Rs 93.39 crore.
Global macro hedge fund Discovery Capital Management on Wednesday exited SpiceJet by selling its entire 2.2% stake in the domestic carrier for Rs 119 crore through an open market transaction.
The US-based Discovery Capital Management through its affiliate Discovery Global Opportunity (Mauritius) Ltd. offloaded 3,11,53,621 shares, representing a 2.20% stake in Gurugam-based SpiceJet, as per the bulk deal data on the BSE.
The transaction was executed at an average price of Rs 38.14 apiece, taking the total deal value to Rs 118.82 crore.
Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73% stake in SpiceJet for Rs 93.39 crore.
The shares were picked up at an average price of Rs 38.12 apiece.
Following the stake buy, Plutus Wealth Management's holding in SpiceJet rose to 4.44% from 2.71%.
Details of other buyers of SpiceJet shares could not be ascertained on the bourse.
SpiceJet rose 5.75% to close at Rs 40.29 apiece on the BSE.
On Wednesday, the Supreme Court dismissed a plea of KAL Airways and Kalanithi Maran seeking damages of over Rs 1,300 crore from SpiceJet in a long-standing share transfer dispute.
A bench of Justices PS Narasimha and AS Chandurkar upheld the Delhi High Court's order of May 23 dismissing their plea on grounds of delay.
KAL Airways and Kalanithi Maran had initially sought damages of over Rs 1,300 crore during the arbitration proceedings.
Maran and KAL Airways were former promoters of SpiceJet.
