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Dubai World Unit Exits SpiceJet
DUBAI - Istithmar World PJSC, a unit of Dubai World, sold its 13 per cent stake in SpiceJet Ltd., said Ajay Singh, a director at the Indian budget carrier.
Istithmar sold the stake to mutual funds, Singh said in a phone interview today. The fund continues to hold some bonds issued by the airline, the official said. A phone call made to Istithmar wasn’t answered during the weekend holiday in Dubai.
SpiceJet shares gained as much as 1.7 per cent to Rs55.6, reversing an earlier decline of as much as 5.3 per cent. The stock changed hands at Rs54.9 at 12:54 p.m. in Mumbai. About 24.1 million SpiceJet shares, or 10 per cent of its equity, changed hands in seven block deals on the Bombay Stock Exchange, data on the Bloomberg showed.
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