Tuesday, December 12, 2006

SpiceJet board okays Tata stake buy

New Delhi: The SpiceJet board on Monday gave the green signal to Tata group’s investment in the low-cost carrier. The Tatas are believed to have picked up anywhere between 7.5%-10% stake in the group for around Rs 95 crore.
A company spokesperson confirmed that the board has also approved the existing shareholders — Dubai-based Istithmar and Goldman Sachs — increasing their stake in the group. However, the company spokesperson refused to give details of the deal.
The group will hold a media conference on Tuesday to give details of its overall fund-raising in this round. The board meeting, which began around 4 pm, was still on late into the evening.
12/12/06 Economic Times