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SpiceJet receives USD40 million investment proposal from Bravia Capital Partners

30-Apr-2010 11:01 AM

SpiceJet reportedly announced a proposal from US-based Bravia Capital Partners to invest USD40 million in the carrier (Reuters, 29-Apr-2010). The carrier’s Board of Directors is scheduled to meet to discuss the proposal this week. The investment would comprise a mix of shares and warrants, and Bravia would have representation on the SpiceJet Board. SpiceJet investor, Bhupendra Kansagra (12.98%), who owns equity in the carrier through Royal Holding Services Ltd, denied reports of plans to sell his stake in the carrier earlier this week. Another SpiceJet investor, Wilbur Ross (32.0%), was reported to be considering plans to exit the carrier.