SpiceJet deal gets even more spicier

A clutch of investors including the Tata group, Texas Pacific Group, Istithmar, Goldman Sachs, PNB Paribas, and Swiss Finance Corporation are set to pick up a 25% stake in low cost carrier SpiceJet for around $75mn (approx. Rs 330 crore) through preferential allotment at an average price of Rs 51.40.

The equity stake of the promoter group, consisting of the the London based Kansagra family, Ajay Singh and other investors, will fall from 48% to around 36% as a result of the equity expansion.

The Tata group proposes to pick up 7.5% stake in the company for $17.2 million, through two investment arms, Tata Investments Corporation and Ewart Investments. Besides the Tata group, the other new investor in SpiceJet is the US-based private equity firm Texas Pacific group which came up with a proposal to invest $30 million.

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