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Shares of SpiceJet surged over 17 per cent today after ace investor Rakesh Jhunjhunwala’s Rare Enterprises picked up 75 lakh shares of the company for over Rs 13 crore through open market.
SpiceJet stock zoomed 17.32 per cent to Rs 21.40 on the BSE.
Amid the no frills carrier facing tough business conditions, Rare Enterprises had on Friday picked up 75 lakh shares of SpiceJet for over 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, over 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.
Sellers of the SpiceJet shares could not be ascertained.
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