SpiceJet chairman Ajay Singh pledges 2.78% shares to secure credit facility for airline

New Delhi: SpiceJet promoter and chief Ajay Singh has pledged around 2.78 percent shares towards securing a credit facility for the airline. A total of 1.67 crore shares were pledged in favour of IDFC First Bank Ltd on 24 October, according to a filing submitted by the carrier to the BSE 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 pledge of shares, a total of 26.32 percent shareholding of Singh is now encumbered. Individually, he has a stake of 50.75 percent in the company, as per 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.