SpiceJet (SG, Delhi International) has sold a 1.4% stake in its shareholding to Indian billionaire investor and trader, Rakesh Jhunjhunwala, for INR130.05million (USD2.1million).
The announcement comes just days after the struggling budget carrier announced it had reached an agreement with an as-yet-unnamed strategic investor.
Having racked up losses over five consecutive quarters, Spicejet is believed to require at least USD250million in external funding to complete its ongoing turnaround exercise.
