SpiceJet Chairman Ajay Singh Pledges Additional 2.78% Stake In Airline

Ajay Singh, promoter and chairman of SpiceJet Ltd., has pledged around 2.78 percent stake for securing a credit facility for the budget airline.

A total of 1.67 crore shares were pledged in favour of IDFC First Bank Ltd. on Oct. 24, according to SpiceJet’s filing to the Bombay Stock Exchange on Saturday.

These shares, which account for 2.78 percent shareholding, have been pledged to "secure a credit facility obtained by SpiceJet", it added.

With the latest pledged shares, a total of 26.32 percent shareholding of Singh is now encumbered. Individually, he holds 50.75 percent stake in SpiceJet, according to the filing.

On Friday, SpiceJet shares rose 2.39 percent to Rs 117.90 apiece on the BSE while the benchmark Sensex gained 0.09 percent to end the day at 40,165.03 points.