SpiceJet promoter Ajay Singh pledges 2.78% shares to secure credit facility

Topics SpiceJet

SpiceJet promoter and chief Ajay Singh has pledged around 2.78 per cent 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 October 24, according to a filing submitted by the carrier to the BSE on Saturday.

These shares, which account for 2.78 per cent 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 per cent shareholding of Singh is now encumbered.

Individually, he has a stake of 50.75 per cent in the company, as per the filing.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel