Ajay Singh, SpiceJet promoter, has chosen to infuse Rs 500 crore into the airline through the subscription of new equity shares and/or convertible instruments. The addition of new funding will significantly improve the company’s financial condition and is a strong indication of confidence in its long-term viability. It represents a turning point in SpiceJet’s quest for long-term success and steady expansion.
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On Wednesday, SpiceJet shares closed 4.39% higher at Rs 32.18 compared to the previous BSE close of Rs 29.85. SpiceJet would be eligible for additional credit facilities totaling Rs 206 crore under the Emergency Credit Line Guarantee Scheme as a result of the promoter’s investment of funds.
The aviation stock started today’s prior session flat at Rs 29.85. The stock has dropped 19.27% in a year and 20% since the start of this year. Technically, SpiceJet’s relative strength index (RSI) is 62.8, indicating that the stock is neither overbought nor oversold. The stock’s beta score of 0.9 indicates low volatility in a year.
Ajay Singh: About
Ajay Singh, an Indian businessman, sports administrator, bureaucrat, and investor, was born on December 29, 1965. He serves as SpiceJet’s Chairman, Managing Director, and largest shareholder.
Ajay Singh was raised in Central Delhi. He attended St. Columba’s School in Delhi, where he served as captain of the cricket and hockey teams. He went to the Indian Institute of Technology Delhi, where he received a degree in engineering, and got his Master’s degree in Business Administration (MBA) from Cornell University in the United States. Singh also holds a Bachelor’s degree in Law (LL.B) from Law Faculty, University of Delhi.
Singh co-founded SpiceJet in 2005 with the goal of making flying affordable for all Indians. After an effective tenure, he left the airline in 2010. When the airline was about to go out of business five years later, he bought it back.
He oversaw SpiceJet, which saw an increase in profitability. The airline has posted 18 profitable quarters since taking over in 2015 and has had the highest passenger load factor (occupancy) for more than five years.
ASSOCHAM, one of India’s top trade and business organisations, is now led by Ajay Singh. He was the first Indian to preside over the Aviation, Travel and Tourism (ATT) Governor’s Meeting at the Davos World Economic Forum in January 2019. He received a nomination to the Board of Governors of International Air Transport Association in June 2019. He serves as the head of the National Committee on Civil Aviation of the CII. Additionally, he oversees the India Initiative of the World Travel and Tourism Council.
