The company held about $12 million worth of FCCBs in SpiceJet. Bank of America-Merill Lynch brokered the block deal for the company, said sources.
The Tatas and the Dubai-based Istithmar Group may increase their stake in Delhi-based low-cost carrier SpiceJet, which has a 10 per cent market share in Indian aviation market. While the Tatas, who currently hold 7 per cent stake in the company through Ewart Investment, may hike their shareholding to 15 per cent, Istithmar is likely to raise its stake from 13 to 30 per cent, sources said.
Atlantis, The Palm is a 1,539 room, ocean-themed destination resort located at the centre of the crescent of the man-made Palm Island in Dubai.
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.
Spicejet will raise Rs 530.76 crore or Rs 5.3 billion ($118.5 million) through issue of equity shares on preferential basis to various foreign and domestic investors.
Jet is believed to be in talks with leading private equity players.
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.
SpiceJet will get $20 million from MacRitchie Investments, Singapore (a wholly-owned subsidiary of Temasek Holdings) and Istithmar, a UAE-based private equity firm.
The Dubai World Company has bought the 70,000-tonne ship for $100 million through its investment subsidiary, Istithmar PJSC, from Cunard Line. Dubai World Company is also the owner of shipping major P&O.
There are rumours that Ajay Singh who previously headed SpiceJet may get an investor to bail out the airline of dire consequences.
