SpiceJet gains on foreign investment hopes

Jan 03 2013, 11:16 IST
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SpiceJet Ltd rose 2.4 per cent on hopes the carrier would also attract foreign investment. (Reuters) SpiceJet Ltd rose 2.4 per cent on hopes the carrier would also attract foreign investment. (Reuters)
SummarySpiceJet Ltd rose 2.4 per cent on hopes the carrier would also attract foreign investment.

SpiceJet Ltd gained 2.4 percent on hopes the carrier would also attract foreign investment after a senior Indian told reporters rival Jet Airways was the front-runner to win an investment from Etihad Airways.

The Gulf carrier could pay up to 15-18 billion rupees for a 24 percent stake in Jet, the official said, valuing Jet at 725 to 870 rupees per share, which would mark a premium of 25 to 50 percent on Wednesday's close, according to Reuters calculations.

Shares in India's Jet Airways rose as much as 6 percent.

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