Spicejet flies into 'safe' zone

Spicejet is a good gainer on the BSE currently, with the stock opening higher at Rs.22.30, going to Rs.22.75, which is over 3.5% up. Its 52-week stands at Rs.24.10.

The stock jumped up after the company that the existing Promoter (i.e. Mr. Kalanithi Maran and Kal Airways Private Limited) have agreed to sell and transfer their entire shareholding aggregating to 350,428,758 equity shares (58.46%) to Mr. Ajay Singh, worth up Rs.1500 crore. This finalization of the rescue plan, with Ajay Singh as the pilot is very positive for the company. There is a sigh of relief that at least it did not go the way Kingfisher did