SpiceJet says sovereign wealth fund ADIA buys its shares from open market

SpiceJet on Monday said Abu Dhabi's sovereign wealth fund ADIA has acquired shares of the airline from the open market.

However, the carrier did not disclose specific details.

A source close to the airline said Abu Dhabi Investment Authority (ADIA) started buying shares in late February.

The no-frills carrier is facing multiple headwinds and is in the process of raising funds.

''ADIA has acquired shares of the airline from the open market,'' a SpiceJet spokesperson said on Monday.

In recent weeks, the carrier has raised a total of Rs 1,060 crore through preferential issuance of securities.

On December 12, the airline had said it would raise fresh capital of Rs 2,250 crore.

Shares of SpiceJet declined 1.50 per cent to Rs 62.58 apiece on BSE.

As of February 21, 2024, public shareholders, including Foreign Portfolio Investors (FPIs), held 51.51 per cent stake in the carrier, according to stock exchange data.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)