SpiceJet Chairman Ajay Singh Pledges 2.78% Stake In Airline
Ajay Singh, promoter and chairman of SpiceJet Ltd., has pledged around 2.78 percent stake for securing a credit facility for the budget airline.
A total of 1.67 crore shares were pledged in favour of IDFC First Bank Ltd. on Oct. 24, according to SpiceJet’s filing to the Bombay Stock Exchange on Saturday.
These shares, which account for 2.78 percent shareholding, have been pledged to "secure a credit facility obtained by SpiceJet", it added.
With the latest pledged shares, a total of 26.32 percent shareholding of Singh is now encumbered. Individually, he holds 50.75 percent stake in SpiceJet, according to the filing.
View: Negative for spice jet in short term, share should be correct.