SpiceJet Promoter Ajay Singh Explores Possibility Of Partial Stake Sale; Shares Up 6 Per Cent: Report

SpiceJet lessor, Alterna Aircraft Ltd, asks DGCA to de-register its Boeing aircraft

Stock of SpiceJet rallied almost 6 per cent as markets opened on Wednesday.

Ajay Singh, promoter of SpiceJet Ltd, is exploring the possibility of a partial stake sale, quoting sources news agency ANI reported on Wednesday.

According to the ANI report, the airline continues to be in talks with several investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations.

Currently, Ajay Singh holds a majority 60 per cent in SpiceJet.

Stock of SpiceJet rallied almost 6 per cent as markets opened on Wednesday after the news on stake sale got public. At 11.15 am, the shares of SpiceJet were trading at Rs 50.05, up 5.65 per cent on the BSE on Wednesday.

Meanwhile, Alterna Aircraft Ltd, an Ireland-based lessor of budget-airline SpiceJet, has asked India’s aviation regulator the Directorate General of Civil Aviation (DGCA) to de-register its plane, the Reuters reported.

In its request dated Monday to the DGCA, Alterna, however, did not specify the reason to de-register one of its Boeing 737-800 plane.

A SpiceJet spokesperson said, “This aircraft is part of early termination agreement executed with the lessor way back in November 2021,” while adding, “This aircraft has already been removed from our fleet for over eight months and does not in any manner affect our operations or schedule”.

Recently, SpiceJet has been under the spotlight after a slew of incidents related to technical snags on its flights. One of its Dubai-based lessors had also asked the DGCA to de-register three of SpiceJet's planes.

Lessors typically apply for de-registration when lease agreements are terminated for reasons such as non-payment of lease rentals.

Last month, the DGCA ordered SpiceJet to cut its approved fleet to 50 per cent this summer for eight weeks citing safety snags and said it will subject the domestic airline to “enhanced surveillance”.