Spicejet Cmd Ajay Singh

SpiceJet's Ajay Singh may sell over 10% stake in airline to raise funds

SpiceJet promoter and chairman Ajay Singh may offload more than 10 per cent stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. The budget carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations. One of the sources said that Singh could offload up to a 15 per cent stake in the airline if certain conditions are conducive. Singh, who is the Chairman and Managing Director, would be offloading around 10 per cent shareholding in the airline and the quantum could go up, the second source said. For the proposed QIP (Qualified Institutional Placement), there is already a commitment for up to Rs 2,000 crore and the airline is in discussions with potential investors. Meetings with investors have been held in India and overseas, the sources in the know said. There was

SpiceJet Promoter Ajay Singh to dilute over 10% stake to raise Rs 3,000 cr

After the fundraising, Ajay Singh's shareholding in SpiceJet may drop to 30-35% from 47.8%

SpiceJet shares fly 7% on six-fold jump in Q4 profit; gains 15% in 2 days

SpiceJet shares: SpiceJet airline reported a standalone net profit of Rs 119 crore in Q4FY24

SpiceJet aims to raise $250 mn in coming months, says CEO Ajay Singh

SpiceJet Chief Ajay Singh on Wednesday said the airline will be raising around USD 250 million in the next couple of months as the budget carrier works on boosting its operations. The airline is tackling multiple headwinds, including lessor and debt woes, with Singh saying the carrier has faced "significant black swan events". "It is difficult to kill SpiceJet....and we are trying to fix the problems," he said and asserted that the airline's balance sheet will be cleaned up over the next two quarters. Recently, the airline raised USD 150 million and is looking for more funds. The airline plans to raise USD 250 million in the next couple of months and there is a bright enough future, Singh said at the CAPA India Aviation Summit in the national capital. Currently, the carrier has wet leased some aircraft as many of its planes are grounded due to various reasons. "We will grow our own fleet," Singh, the Chairman and Managing Director of the airline, said. Singh also said it is crit

Kalanithi Maran seeks Rs 1,323 cr in damages, SpiceJet refutes claims

KAL Airways and its promoter Kalanithi Maran have decide to challenge an arbitral award requiring SpiceJet and Ajay Singh to refund Rs 579 crore plus interest to Maran

SpiceJet resolves Rs 413 cr dispute with Echelon Ireland Madison One

Cash-strapped SpiceJet has resolved its third settlement in 2 weeks with Echelon Ireland Madison One, after Cross Ocean Partners and Celestial Aviation

SpiceJet promoter Ajay Singh and Busy Bee Airways jointly bid for Go First

Sharjah-Based Sky One Also Bids for the Insolvent Airline

SpiceJet's Ajay Singh, Busy Bee Airways jointly submit bid for GoFirst

The bid has been submitted by SpiceJet Chairman Ajay Singh, in his personal capacity, along with Busy Bee Airways Private Limited

SpiceJet to soon start flights to Lakshadweep, Ayodhya, says Ajay Singh

SpiceJet will soon launch flights to Lakshadweep as well as to Ayodhya, its chief Ajay Singh said on Wednesday and emphasised the latest fund infusion will help the airline become more stronger. Addressing the shareholders at the company's annual general meeting, Singh also said it will deploy a large chunk of the funds worth Rs 2,250 crore to grow the airline. As on January 7, SpiceJet had 39 aircraft in operations while 26 were on the ground, as per data available on fleet tracking website Planespotter. Singh told shareholders on Wednesday that the airline has exclusive rights under the government's regional connectivity scheme for Lakshadweep, and will soon launch its air services to the union territory. The airline chief's mention about the Lakshadweep flights also comes amid the ongoing diplomatic row between India and the Maldives. Derogatory comments were made by some deputy ministers of the Maldives against India and Prime Minister Narendra Modi after he visited Lakshadwee

Made payment to Credit Suisse in line with court order, SpiceJet tells SC

In September, the SC permitted SpiceJet to pay the Swiss firm $1 million per month for six months to settle its $3 million arrears

SpiceJet promoter Ajay Singh looking to raise $100 mn through credit funds

Ajay Singh is reportedly in discussions with global private credit funds to refinance part of promoter debt and equity infusion

'We are struggling to stay afloat', SpiceJet tells Delhi High Court

Singh had sought to set aside a portion of the award, which directed the airline to refund Rs 270 crore to Kal Airways and Maran

SpiceJet pays $1.5 million to Credit Suisse as per SC's directive

Credit Suisse and SpiceJet have been embroiled in a legal conflict since 2015 concerning outstanding debts of approximately $24 million

Credit Suisse case: Pay up or face jail, SC warns SpiceJet boss Ajay Singh

The court on July 25 had given additional time to the airline to pay its dues to Credit Suisse as part of the court-agreed settlement between both parties

HC tells SpiceJet's Ajay Singh to pay Rs 100 crore to Maran by Tuesday

This is as part of the over Rs 380 crore arbitral award dues he has to pay

Credit Suisse case: SC gives Ajay Singh last chance to pay, else face jail

The Supreme Court asked SpiceJet chairman Ajay Singh to make a payment of $500,000 towards an installment to Credit Suisse by September 22, along with $1 million towards defaulted amount

SpiceJet up 20% in 3 months despite analysts' skepticism; should you buy?

SpiceJet news: So far this calendar year, shares of SpiceJet have fallen 20 per cent, while they have tumbled 33.16 per cent over the last one year

Pay Rs 100 crore to Kalanithi Maran by September 10: HC to Ajay Singh

On May 29, the high court ordered SpiceJet to pay approximately Rs 380 crore to its former promoter Maran and asked the airline to submit an affidavit of assets within four weeks

SpiceJet: Division bench orders Ajay Singh to pay Rs 100 cr to Maran

Kalanithi Maran claims that SpiceJet owes him Rs 393 crore as of August 3

SpiceJet promoter Ajay Singh to inject Rs 500 crore in struggling airline

The infusion of fresh capital will substantially strengthen the SpiceJet's financial position