Latest News | SpiceJet Shares Rally over 11 Pc After Ajay Singh Submits Bid for Go First
Get latest articles and stories on Latest News at LatestLY. Shares of SpiceJet surged more than 11 per cent on Friday after the airline said its chief Ajay Singh, along with Busy Bee Airways, has submitted a bid for bankrupt budget airline Go First.
New Delhi, Feb 16 (PTI) Shares of SpiceJet surged more than 11 per cent on Friday after the airline said its chief Ajay Singh, along with Busy Bee Airways, has submitted a bid for bankrupt budget airline Go First.
The stock of no-frills carrier zoomed 11.28 per cent to close at Rs 70.81 apiece on the BSE. During the day, shares of the company hit an intra-day high of Rs 71.9, up 13 per cent.
In terms of volume, nearly 2.48 crore equity shares were traded on the BSE.
At the close of the trading session, the company market valuation rose to Rs 4,845.80 crore.
In a release on Friday, SpiceJet said its Chairman and Managing Director Ajay Singh and Busy Bee Airways submitted a joint bid for bankrupt Go First.
SpiceJet is looking to strengthen its operations with more slots and international flying rights of Go First, the filing said.
The announcement comes at a time when crisis-hit SpiceJet is raising funds and rationalising costs, including by laying off more than 1,000 employees.
Go First stopped flying on May 3, 2023. Its plea for voluntary insolvency resolution proceedings was admitted by the National Company Law Tribunal (NCLT) on May 10 last year.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)