SpiceJet?s Ajay Singh to Dilute Stake by 10% for Rs.30 Bn Amid Financial Woes

14 Aug 2024 CW Team

Ajay Singh, Chairman of SpiceJet, is set to reduce his stake in the airline by more than 10% in a bid to raise ?30 billion. This move comes as SpiceJet faces significant financial challenges, including operational losses and liquidity issues.

The funds raised from this stake sale will be directed towards addressing the airline?s urgent financial needs, including debt repayment and operational expenses. Singh?s decision underscores the critical state of the airline?s finances, which have been strained by ongoing economic pressures and increased competition in the aviation sector.

This stake dilution is part of a broader strategy to stabilise the company?s financial health and ensure its sustainability in a competitive market. SpiceJet has been exploring various avenues to enhance its liquidity and operational efficiency, and this move is seen as a crucial step in that direction.

The airline?s management is hopeful that this capital infusion will provide the necessary resources to navigate through the current financial turbulence and set the stage for future growth and stability.

Infrastructure Energy

08 Sep 2025

SCCL Mines Win 5-Star National Awards for Excellence

Singareni Collieries Company Limited (SCCL) has been awarded 5-Star ratings at the national level for four of its coal mines for the last financial year, recognising the company’s excellence in sustainable mining, safety, and operational practices.The honoured mines include:RG OC-1 Extension from the Ramagundam-3 AreaJK-5 OC from the Yellandu AreaRK-6 Underground Mine and RK-Newtech Mine from the Srirampur AreaThese awards were presented during the 5-Star Rating Awards Ceremony held in Mumbai, where SCCL Chairman and Managing Director N. Balram received the accolades from Union Minister for ..

JFSL Gets Rs 3.96 Billion from Promoters for Expansion

Jio Financial Services Ltd (JFSL) announced on Wednesday that promoter group companies have infused Rs 3.96 billion into the firm to support its expansion plans. The company’s board allotted 500 million convertible warrants at Rs 316.50 per warrant to Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd, both part of the promoter group.Each entity has received 250 million warrants, and the total amount received—Rs 3,956.25 crore (Rs 39.56 billion)—represents 25 per cent of the total warrant issue price, in accordance with regulatory norms.This development is par..

RBI to Withdraw Rs 1.5 Trillion via 8-Day VRRR Auction

The Reserve Bank of India (RBI) has announced an eight-day Variable Rate Reverse Repo (VRRR) auction to be held on Thursday, with the objective of withdrawing Rs 1.5 trillion from the banking system. This move comes amid a significant liquidity surplus, which stood at Rs 3.03 trillion as of Tuesday, according to the central bank’s latest data.VRRR operations are a key liquidity management tool used by the RBI to absorb excess cash from the financial system and align short-term interest rates with the policy repo rate. By conducting such auctions, the RBI aims to maintain monetary stability a..