SpiceJet rises 5% on report TPG in talks to buy stake

SpiceJet rises 5% on report TPG in talks to buy stake

Mumbai: Shares in budget carrier SpiceJet rose almost 5% after the Economic Times newspaper reported that private equity firm Texas Pacific Group (TPG) Capital is negotiating to buy a minority stake in the company.

There was however no certainty that the negotiations would result in a transaction, the paper said citing two people familiar with the discussions.

A SpiceJet spokeswoman declined to comment immediately. TPG also did not comment immediately.

SpiceJet, controlled by Kalanithi Maran, who also owns media firm Sun TV, had in June said it plans to raise $270 million from Canada’s export finance agency Export Development Canada (EDC) for aircraft purchases.

In November, SpiceJet had agreed to buy as many as 30 Nextgen turboprop aircraft from Bombardier for about $915 million.

At 9:27 am, SpiceJet shares were up 2.94% at Rs22.75 in a choppy Mumbai market.

Close