SpiceJet shares jump 15 per cent but airline mum on sell-out

Spicejet shares jumped nearly 15 per cent to close at Rs 16.06 on the Bombay Stock Exchange (BSE) on Friday following reports that the Kalanithi Maran-led Sun Group may have finally finalised an investor for pumping money into the loss-making airline.

During the day, the scrip jumped 19.97 per cent to Rs 16.76. On the volume front, 219.83 lakh shares of the company changed hands on BSE during the day.

According to media reports, promoter Maran, who holds 58.4-per cent stake along with the Sun Group, is exploring either a sell-out or partial dilution of his stake.

Accoridng to sources, talks are on and a term sheet may be signed by December. As per talks with investors, SpiceJet is valued at Rs 1,500 crore.

However, SpiceJet today said that it is exploring all options to mop up funds to overcome the cash crunch. The company did not divulge whether it is considering diluting the promoter's stake. "While the company is exploring all various options to further capitalise, we are unable to comment on specifics at this stage," the no-frills carrier said in a statement.

Meanwhile, BSE has also sought a clarification from the airline on the media reports. SpiceJet reported net loss of Rs 310 crore for the second quarter ended September 30.

The airline, which is known for its frequent low-fare offers to attract customers, had posted net loss of Rs 559 crore in the second quarter of ther last fiscal.

The airline is restructuring its operations and has cut down its fleet size by ten planes to contain losses and the management has been looking for ways to turn around the airline.

The airline posted combined loss of about Rs 1,000 crore in last fiscal and the senior management has been in discussions with potential investors for last several months to raise capital through debt or equity route.

According to the aviation consultancy Centre for Asia Pacific Aviation, SpiceJet needed around $250 million as on March 2014 to bring its books in order.

Maran is reported to have initiated discussions with Spicejet's former director and co-founder Ajay Singh to sell his majority stake in the airline.