SpiceJet CMD Ajay Singh Sells ₹52 Crore Stake

17 Mar 2025 , 11:53 AM

Ajay Singh, the Chairman and Managing Director of SpiceJet Ltd, sold part of his stake in the airline via block deals on Thursday, according to data from the Bombay Stock Exchange (BSE). The shares sold in these deals represented 0.89% of the company’s equity, or 1.15 crore shares.

The stake was sold at an average price of ₹45.34 per share, taking the total deal value to around ₹52 crore. As per the latest shareholding pattern on BSE for the quarter ended December 31, 2024, SpiceJet’s promoters hold an aggregate 29.13% stake in the airline. Ajay Singh is the largest individual shareholder with a 22.9% stake, followed by Ajay Singh HUF (3.54%), Kalpana Singh (0.02%) and Spice Healthcare Pvt. Ltd. (2.67%).

SpiceJet is a low-cost Airline in India, which is based in Gurgaon, Haryana. As of June 2024, it is the sixth largest airline in India in terms of domestic passenger carried. SpiceJet flies to 73 destinations comprising 60 domestic and 13 international destinations. Delhi and Hyderabad are its two main operational hubs.

The airline was founded as ModiLuft, a provider of air taxi services, in 1994. Indian entrepreneur Ajay Singh bought the company in 2004, and renamed it SpiceJet. It is important to note that SpiceJet’s first commercial flight took off in May 2005. In June 2010, Kalanidhi Maran, the media mogul who runs the Sun Group, bought a controlling stake in the airline. Ajay Singh reacquired SpiceJet in 2015 after obtaining the stake from Kalanidhi Maran.