Investment firm Plutus Wealth Management LLP made a major move by purchasing a stake worth ₹50 crore in SpiceJet Ltd. through a bulk deal on the Bombay Stock Exchange (BSE) on Tuesday. The firm acquired 75 lakh shares, which translates to a 0.95% stake in the airline, at a price of ₹66.7 per share. This selling price is approximately 2.1% lower than SpiceJet’s closing price from the previous trading day.
Before this latest bulk deal, Plutus Wealth Management held a smaller 0.66% stake in SpiceJet as of Monday. On that day, the firm also purchased 85 lakh shares of the airline through another bulk deal, buying them at ₹59.95 per share. This earlier acquisition was valued at ₹51 crore and represented 0.66% of SpiceJet’s overall equity.
In addition to Plutus Wealth Management’s activity, other institutional investors have also been adjusting their stakes in SpiceJet. On September 26, 2024, both Societe Generale and Vikasa India EIF I Fund reduced their holdings in the airline through bulk deals. Societe Generale offloaded 83.56 lakh shares, which amounts to a 0.65% stake, at a price of ₹62.9 per share, totaling ₹52.5 crore. Vikasa India EIF sold a total of 1 crore shares, representing a 0.78% stake, at a price of ₹63.13 per share.
Furthermore, Authum Investment and Infrastructure Ltd., a public shareholder in SpiceJet, also pared its stake worth ₹37.2 crore through a bulk deal on September 24, 2024. The firm sold 56.3 lakh shares, or a 0.71% stake, at ₹66.21 per share. Until September 20, Authum held a 3.55% stake in SpiceJet, which has now been reduced to 2.84% after this transaction.
On Tuesday, shares of SpiceJet closed 6.95% higher on the BSE, reaching ₹68.13 per share. This rise is notable, especially when compared to a slight decline of 0.04% in the Sensex index, highlighting the airline’s positive movement in the market. The recent transactions and rising stock prices reflect a growing interest in SpiceJet amid ongoing market activities.
