SpiceJet Ltd is at an advanced stage of bringing in an investor who has evinced interest to buy out a substantial stake, said sources close to the development.
Company officials could not be reached for comment.
However, when asked whether the investor was one of the Adani Group companies, the sources said no, adding that more clarity was expected “very soon”.
Following the allotment of 1.5 crore equity shares last December, promoter Kalanithi Maran’s current holding in the company is at 53.48 per cent, with 28.63 crore shares.
In its response to a clarification sought by the stock exchange on Monday, SpiceJet said a few parties have expressed interest in investing in the airline, as the company has been exploring various options for raising fresh capital. And, “since the deliberations with such prospective investors are at an exploratory and preliminary stage, it will be improper to comment on the specifics of any possible stake sale or the valuation of the company at this stage”, it said. The airline has reported a net loss of ₹310 crore for the quarter ended September 30.
During the quarter, it proposed to issue 19 crore warrants having a nominal value of ₹10 each to the promoters for a consideration of ₹308 crore.
It came with an option to apply for and be allotted an equivalent number of equity shares of ₹10 each at a premium of ₹6.30 each. According to a statement from the company, the promoters have paid an advance of ₹100 crore against the proposed warrants, and the company has utilised the entire proceeds towards meeting its working capital requirements.
The auditors’ report for the quarter says the company’s total liabilities exceed its total assets by ₹1,460 crore. This indicates “the existence of a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern”.