Discovery Global Management exits SpiceJet, sells 2.2 pc stake for Rs 119 cr

New Delhi: Global macro hedge fund Discovery Capital Management on Wednesday exited SpiceJet by selling its entire 2.2 per cent stake in the domestic carrier for Rs 119 crore through an open market transaction.

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 Rs 38.14 apiece, taking the total deal value to Rs 118.82 crore.

Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73 per cent stake in SpiceJet for Rs 93.39 crore.

The shares were picked up at an average price of Rs 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 Rs 40.29 apiece on the BSE.

On Wednesday, the Supreme Court dismissed a plea of KAL Airways and Kalanithi Maran seeking damages of over Rs 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 Rs 1,300 crore during the arbitration proceedings.

Maran and KAL Airways were former promoters of SpiceJet.