Societe Generale, Vikasa India EIF Pare Stake In SpiceJet Via Bulk Deals

Societe Generale and Vikasa India EIF I Fund have pared stake in SpiceJet Ltd. through bulk deals on Wednesday, according to the data available with the BSE.

Societe Generale sold 83.56 lakh shares, or 0.65% stake, in the private airline at a price of Rs 62.9 per share, taking the overall transaction value to Rs 52.5 crore.

However, the French financial services major bought back 9.4 lakh shares. This took the net amount of stake that if offloaded in SpiceJet to 74.1 lakh shares, or 0.57% of the overall shareholding.

Meanwhile, Vikasa India EIF pared a total of one crore shares, or 0.78% stake, at a price of Rs 63.13 apiece. This took the transaction value to Rs 63.3 crore.

As of Sept. 20, Vikasa India held a stake of 1.06% in SpiceJet, whereas Societe Generale's shareholding stood at 2.29%, according to the data available with the exchanges.

Earlier in the day, SpiceJet disclosed that its lessor, Carlyle Aviation Management Ltd., offloaded the 1.42% stake it held in the airline via open market transactions. The stake was offloaded between Sept. 17 and Sept. 23, SpiceJet said in an exchange filing.

On Tuesday, Authum Investment and Infrastructure Ltd., another public shareholder in the stressed carrier, pared a 0.71% stake worth Rs 37.2 crore. On the same day, Altitude Investment Fund PCC - Cell 1 bought a 0.63% stake in SpiceJet for Rs 32.9 crore.

Shares of SpiceJet closed 5.54% lower at Rs 62.38 apiece on the BSE on Wednesday, compared to a 0.3% rise in the Sensex. Year to date, the stock has risen by 3.88%.

Of the four analysts tracking the stock, one has a 'buy' rating, two recommend 'hold', and one suggests to'sell', according to Bloomberg data.