SpiceJet stock rises 16.5% on Rakesh Jhunjhunwala's buy

Shares of SpiceJet surged 16.5 per cent on Monday after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of the company for more than Rs 13 crore through open market.

SpiceJet's stock rose 16.5 per cent to Rs 21.25 on the BSE.

Amid the no frills carrier facing tough business conditions, Rare Enterprises on Friday picked up 75 lakh shares of SpiceJet for more than Rs 13 crore through the open market route.

The share purchase comes days after SpiceJet saying that a few parties have evinced interest in making investments in the carrier.

According to the bulk deal details on the BSE, based on the total number of Spicejet shares at the end of September quarter, more than 53.5 crore, the 75 lakh shares bought by Rare would amount to about 1.4 per cent stake.

The shares were bought for an average price of Rs 17.88 apiece, valuing the transaction size at Rs 13.41 crore.

The sellers of the SpiceJet shares could not be ascertained.