Spicejet slips 1% despite fund raising plans

The airline said its shareholders have approved a proposal to raise funds worth up to Rs 5,000 crore

Spicejet Ltd stock was down by 1% at Rs. 72. The airline said its shareholders have approved a proposal to raise funds worth up to Rs 5,000 crore.

The shareholders  approved the appointment of promoter Ajay Singh and his wife Shivani Singh as directors, the company said.

The shareholders also given nod to the appointment of R. Sasiprabhu as an Independent Director of the Company, it said.

Singh had said that the airline was looking to place order for new planes this fiscal.

SpiceJet Ltd is currently trading at Rs. 72.45, down by Rs. 0.35 or 0.48% from its previous closing of Rs. 72.8 on the BSE.

The scrip opened at Rs. 73.3 and has touched a high and low of Rs. 73.5 and Rs. 72.25 respectively. So far 1786999(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4364 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 74.3 on 29-Dec-2015 and a 52 week low of Rs. 15.75 on 06-Jan-2015. Last one week high and low of the scrip stood at Rs. 74.3 and Rs. 68 respectively.

The promoters holding in the company stood at 60.32 % while Institutions and Non-Institutions held 0.61 % and 39.08 % respectively.

The stock is currently trading below its 50 DMA.