Shareholders of Spicejet including Royal Holding Services Ltd, Istithmar and Ajay Singh and Goldman Sachs, in capacity as a bondholder of the company, on Monday entered into definitive agreements with WL Ross & Co to this effect, Spicejet said in a filing to the Bombay Stock Exchange.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
SpiceJet on Tuesday said the private equity firm led by billionaire Wilbur Ross will invest $80 million (about Rs 345 crore) in the low cost airline.
The exclusivity clause for closing the deal between private equity investor WL Ross and SpiceJet that ended on July 31 has been extended because the US-based company is re-negotiating with creditors to write down their debt with the low-cost carrier.
US billionaire investor Wilbur Ross has made his debut in India by buying out the troubled textile maker OCM for $37 million in an all cash deal.
Low-cost carrier SpiceJet will receive about $65 million within a week as the second tranche of investment by US private equity firm WL Ross and Co and by Goldman Sachs.
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