SpiceJet rises on report TPG is in talks to buy stake

Mumbai: Shares in budget carrier SpiceJet rose almost 5 percent after a news report that private equity firm TPG Capital is negotiating to buy a minority stake in the company. [caption id=“attachment_65855” align=“alignleft” width=“380” caption=“SpiceJet, controlled by Kalanithi Maran, who also owns media firm Sun TV, had in June said it plans to raise $270 million from Canada’s export finance agency Export Development Canada (EDC) for aircraft purchases. Reuters”] [/caption] There was, however, no certainty that the negotiations would result in a transaction, a leading news daily said, citing two people familiar with the discussions. A SpiceJet spokeswoman declined to comment immediately. TPG also did not comment immediately. SpiceJet, controlled by Kalanithi Maran, who also owns media firm Sun TV, had in June said it plans to raise $270 million from Canada’s export finance agency Export Development Canada (EDC) for aircraft purchases. In November, SpiceJet had agreed to buy as many as 30 Nextgen turboprop aircraft from Bombardier for about $915 million. At 9:27 am, SpiceJet shares were up 2.94 percent at 22.75 rupees in a choppy Mumbai market. Reuters