WL Ross & Co to invest Rs 345 Crores in Spicejet

Spicejet Ltd has announced that the Board of Directors of the Company in its meeting held on July 14, 2008 has in principally accepted the offer of WL Ross & Co. LLC which will make available approximately Rs 345 crores (around $80 million) to SpiceJet.

The offer was approved by the Board of Directors of Spicejet on July 14, 2008. The transaction is subject to definitive documentation and approvals, if any.

The stock was trading at Rs.30.30, up by Rs.2.35 or 8.41%. The stock hit an intraday high of Rs.32.45 and low of Rs.29.15.

The total traded quantity was 3652150 compared to 2 week average of 2870229.

Source : Equity Bulls

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