SpiceJet on Wednesday said none of its stakeholders were interested in selling stake in the leading no-frills carrier now.
"I hold 12.5 per cent stake in the company. I am absolutely clear that I am not going to sell it at this point in time. ...As far as I know, no other stakeholder is also interested. So, nobody is selling," Ajay Singh, Director told PTI.
His comment comes amid reports suggesting that Sun TV promoter Kalanidhi Maran was interested in acquiring a 51 per cent stake in SpiceJet and was ready to offer over Rs 700 crore (Rs 7 billion) for it.
Financial services group Religare and Anil Dhirubhai Ambani Group have also reportedly evinced interest in the airline.
When contacted, Singh, who is abroad, said the health of the aviation industry was looking up and Spicejet was "doing very well too". "We feel that the valuation is very low.Equity dilution at current valuation is out of question. Since the airline is growing, of course, there has been a lot of interest. The company keeps getting approached by various investors," he said in reply to questions.
Besides Singh, the Kansagra family holds 13 per cent stake in the firm. US-based private equity investor Wilbur Ross had also invested $80 million in SpiceJet in July 2008 through foreign currency convertible bonds.
In February, Dubai-based investment firm Istithmar had sold its 13 per cent stake for Rs 160 crore (Rs 1.6 billion).
The no-frill carrier is looking at raising $40-50 million for fleet induction and international operations. The Directorate General of Civil Aviation has given its approval to the airline to operate international flights.The airline, which plans to fly abroad from June-July this year, is targetting SAARC countries Sri Lanka, Nepal, Bangladesh and the Maldives to begin its global operations.
The carrier currently has a fleet of 20 Boeing 737- 800s and Boeing 737-900 ERs. It plans to add nine more by 2012.
