Investment firm Plutus Wealth Management LLP has bought 85 lakh shares of SpiceJet Ltd. through a bulk deal, according to the data available with the BSE on Monday.
The stake was picked up at a price of Rs 59.95 per share, which took the overall deal value to Rs 51 crore. The acquired holding amounts to 0.66% of SpiceJet's overall shares.
The selling price of Rs 59.95 a share is nearly 6% lower than the stock's closing price on Monday.
Before this bulk deal, Plutus Wealth held no stake in the private airline, according to the shareholding data available with the exchanges for the period ending Sept. 20.
The development comes five days after Societe Generale and Vikasa India EIF Pare Stake—two of the public shareholders of SpiceJet—pared stake in the airline via bulk deals. On Sept. 24, Authum Investment and Infrastructure Ltd., another public shareholder in the stressed carrier, pared a 0.71% stake.
Last week, SpiceJet also disclosed to the bourses that Carlyle Aviation Management Ltd., which has leased aircraft to the airline, sold the 1.42% stake it held in the carrier via open market transactions. The stake was offloaded between Sept. 17 and Sept. 23.
Shares of SpiceJet closed 7.98% higher at Rs 63.7 apiece on the BSE, compared to a 1.49% decline in the benchmark Sensex. On a year-to-date basis, the stock gained by 6.1%, whereas it surged 77.2% over the past 12 months.
Out of four analysts tracking the company, one has a 'buy' rating on the stock, two suggest 'hold' and one recommends a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 26.7%.
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