Multibagger airline stock at Rs 63.25 and FIIs & DIIs increase stake: Company to Seek a refund of Rs 450 crore from Kalanithi Maran; check details inside!
The stock gave multibagger returns of 179 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 61 per cent in the same period.
Today, shares of SpiceJet Ltd surged 3.7 per cent to Rs 63.25 per share from its previous closing of Rs 61. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs 22.65. The shares of the company saw a spurt in volume by more than 1.6 times on BSE. The stock gave multibagger returns of 179 per cent from its 52-week low of Rs 22.65 per share whereas BSE Small-Cap Index is up by 61 per cent in the same period.
SpiceJet will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s order on May 17, 2024. The Division Bench of the Delhi High Court ruled on May 17, 2024, in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.
SpiceJet has paid a total of Rs 730 crore, comprising Rs 580 crore in principal along with an additional Rs 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of Rs 450 crore. The appeal brought forth by SpiceJet and Ajay Singh challenged several critical issues related to the award of refund and the justification of interest in the case. The Division Bench found substantial merit in these challenges, noting that they were not adequately addressed in the previous order dated July 31, 2023.
In its ruling, the Division Bench held that the Single Judge had erred in dismissing the Section 34 petitions of Ajay Singh and SpiceJet without due consideration of the claims of patent illegality and the order of refund passed against SpiceJet despite admitted breaches on the part of KAL Airways and Kalanithi Maran. The Court has also noted that interest amounting to penal interest had been charged despite SpiceJet not being in any breach of the Share Purchase Agreement. These facts are not being considered by the single judge, the appeals of Ajay Singh and SpiceJet have been allowed, and the impugned judgment dated July 31, 2023, has been set aside.
Also Read: Multibagger wind-energy stock under Rs 50 and FIIs & DIIs increase stake: Company Secures new orders of 402 MW from Juniper Green Energy for the 3 MW series
SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.
The company has a market cap of Rs 4,900 crore. According to the shareholding pattern of March 2024, FIIs increased their stake to 1.73 per cent and DIIs increased their stake to 5.30 per cent compared to 0.33 per cent and 0.04 per cent in December 2023. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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