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Discovery Global Management exits SpiceJet, sells 2.2% stake for ₹119 crore
The US-based Discovery Capital Management through its affiliate Discovery Global Opportunity (Mauritius) Ltd offloaded 3,11,53,621 shares, representing a 2.20 per cent stake in Gurugam-based SpiceJet, as per the bulk deal data on the BSE.
The transaction was executed at an average price of ₹38.14 apiece, taking the total deal value to ₹118.82 crore.
Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73 per cent stake in SpiceJet for ₹93.39 crore.
The shares were picked up at an average price of ₹38.12 apiece.
Following the stake buy, Plutus Wealth Management's holding in SpiceJet rose to 4.44 per cent from 2.71 per cent.
Details of other buyers of SpiceJet shares could not be ascertained on the bourse.
SpiceJet rose 5.75 per cent to close at ₹40.29 apiece on the BSE.
On Wednesday, the Supreme Court dismissed a plea of KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore from SpiceJet in a long-standing share transfer dispute.
A bench of Justices P S Narasimha and A S Chandurkar upheld the Delhi High Court's order of May 23 dismissing their plea on grounds of delay.
KAL Airways and Kalanithi Maran had initially sought damages of over ₹1,300 crore during the arbitration proceedings.
Maran and KAL Airways were former promoters of SpiceJet.
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