Jet Air shares rally on expectations that continuing troubles at rival SpiceJet will help it gain market share.
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.
A Delhi-bound SpiceJet plane hit a stray buffalo on the runway while rolling for take-off from Surat airport late Thursday night, providing anxious moments to the 146 people on board.
The airline dropped fares to gain customer load, but failed to cover the cost of its flights
The UK-based promoter-director Bhulo (Bhupendra) Kansagra of Delhi-based low-cost carrier SpiceJet is willing to divest the family stake in the airline if the valuations are right. The Kansagra family owns 12.91 per cent in the airline, which is publicly listed, and has a 10 per cent share in the Indian market, and a market capitalisation of $250 million.
A look at the Kalanithi Maran-controlled airline's place in the domestic aviation sector
Signalling an imminent change in SpiceJet's ownership, potential investors including co-founder Ajay Singh and US-based JPMorgan have begun discussions with markets regulator Sebi over their investment plan for the cash-strapped airline.
There could be rejig at top level at SpiceJet.
The airline's board decides to issue warrants to promoters on a preferential basis
This would be the third fund infusion in the airline by Maran since September 2011.
The Chennai office of Registrar of Companies sent the notice to the second-largest no-frills private carrier last month.
First investment by the group in aviation; deal size may be less than Rs 100 crore.
Three months after Sanjay Aggarwal resigned as chief executive officer (CEO) of SpiceJet, the airline announced the appointment of Neil Raymond Mills as the CEO.
While fares on the Delhi-Mumbai route have risen 45 per cent, Delhi-Bengaluru and Mumbai-Bengaluru tickets are priced 57 per cent and 42.5 per cent higher, respectively.
Ajay Singh, one of the founder directors of Spicejet, has left the board of the low-cost airline, paving the way for restructuring of the company by its new owner Kalanithi Maran, the promoter of Sun TV.
Low cost carrier SpiceJet announced on Thursday the launch of a dedicated online web hotel reservation service, offering rooms in about 100 hotels in different parts of the country.
In a fresh trouble for the budget carrier SpiceJet, aircraft lessors have approached the aviation regulator DGCA, seeking its permission to repossess 11 Boeing planes of the airline, even as its revival plan is under review of the Civil Aviation Ministry.
The budget carrier was on the verge of collapsing in Dec.
The airline management has now sought a meeting with civil aviation minister Ashok Gajapathi Raju to present the airline's plan.
SpiceJet COO says ATF price cut is need of the hour.
Airline says can't discuss dues publicly, denies grounding of planes
Growth in the domestic market in the second quarter was fuelled by low fares but this has impacted airline profits.
Shares of SpiceJet on Wednesday rose by over 19 per cent even as aviation regulator asked the no-frills carrier to immediately stop its offer of one-rupee fares across its domestic network.
There are few deals where the buyer and the seller both walk away happy. The SpiceJet deal is one, where each side had a price point for reference.
Though a formal purchase agreement with Boeing is yet to be signed, SpiceJet's order size could be of 40-50 planes, a source familiar with the development said. At list price, a 737 Max aircraft is valued at about $100 million (Rs 620 crore).
The aviation authority is concerned about financial health of Air India, Spicejet and Jet Airways.
Sources said SpiceJet's deal with Boeing is worth around $1.4 billion as per the list price. When contacted, company officials, however, declined to comment on the valuation of the deal.
Shares of SpiceJet surged over 17 per cent on Monday after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of the company for more than Rs 13 crore (Rs 130 million) through open market.
IndiGo declined to comment on the matter
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.
In a move that could be followed by major Indian airlines, no-frill carrier SpiceJet on Friday slashed air fares substantially by offering a limited-period sale of 10 lakh seats across its domestic network for an all-inclusive fare of Rs 2,013.
Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.
The Monopolies and Restrictive Trade Practices Commission has initiated two cases of unfair trade practice against low-cost carrier Spicejet.
US-based co-working operator WeWork, Lowe's India, SpiceJet and startups like CureFit stepped in to offer employment to the distressed workers at Jet.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
Singh holds more than 36.15 crore shares.
IndiGo's passenger load factor, at 67% in July, fell six percentage points from the same month last year.
Of the 243 listed flights, it claimed to have operated 75 across the country after 1600 hours on Wednesday.
It has posted losses in four consecutive quarters as higher operating costs wiped out revenue gains.
A source said Mills was leaving the airline as he was not getting operational freedom to run the organisation.
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