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SpiceJet plans to bring an invt on board: Srcs
Published on Wed, Jul 09, 2008 at 15:48 , Updated at Thu, Jul 10, 2008 at 13:11
Source : CNBC-TV18
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SpiceJet promoters have discussed the pros and cons of bringing an investor on board at their board meet today in Gurgaon, sources said. WL Ross has envisaged interested in picking up stake in SpiceJet and is open to invest USD 100 million in the low-cost airline, they added. If WL Ross invests USD 100 million, or Rs 430 crore, its stake could be more than 15%. This in turn may trigger an open offer. Investment banker Rothschild, which had been appointed to scout for investors, is expected to make a presentation to the SpiceJet board soon, sources said.
Rothschild, sources said, will give an option for merger or fresh equity issue, or both. The SpiceJet board will meet by the end of next week.
Siddhanth Sharma, CEO, SpiceJet, said, "Our merchant bankers are working on some options. They are going to get the firm offers from whosoever is interested. They will present it to the board either end of this week or early next week. And then the board will meet sometime next week and take a decision." This information has not been provided to the stock exchanges, and is source-based.
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