Mumbai, April 29: US investment fund Bravia Capital Partners has proposed to pump USD 40 million into India’s second largest low-fare carrier, Spicejet, a newspaper reported on Thursday.
Spicejet’s board will meet this week to discuss the proposal, the paper said quoting a person with direct knowledge of the development.
Spicejet’s chief commercial officer told the paper the company does not comment on market rumour and speculation, the report said.
Reuters could not immediately reach Spicejet officials for comment.
The investment would be effected through a mix of shares and warrants and if approved, the New York-based fund with interests in aviation sector and engaged in aircraft financing, would have a nominee on Spicejet’s board, the report said.
Names of parties interested in the airlines were doing the rounds following reports that founders, led by Kenya’s Kansagra family, are looking for exit, the report said.
Wilbur L Ross, who invested USD 80 million in Spicejet in July 2008 through foreign currency convertible bonds, too is believed to be exploring exit options, the paper added.
–Agencies