Image Source: Mint
SpiceJet's investor universe was totally revamped on July 23, 2025, when Plutus Wealth Management acquired a blockbuster lot of 24.5 million shares in a bulk transaction, following Discovery Global Opportunity (Mauritius) selling a record 31.2 million shares. The high-risk overhaul indicates increasing faith among new sponsors along with a strategic offloading by a high-profile institutional investor, stoking fresh speculation in SpiceJet's turnaround saga.
Key Highlights
Blockbuster Block Deal: Plutus Wealth acquired a record 24.5 million shares (1.73% stake) of SpiceJet at ₹93.39 crore at an average price of ₹38.12 per share, emerging as a prominent institutional investor.
Discovery Global Exit: Discovery Global Opportunity (Mauritius) sold its entire 2.2% stake (31.2 million shares valued at ₹119 crore), making it the exit of a large foreign investor following consecutive stake dilutions.
Plutus Wealth's Aggressive Purchasing: Following on the back of earlier purchases: 8.5 million shares in September 2024, 7.5 million shares in October 2024, and two large purchases (7.5 million and 9 million shares) in March 2025 at ₹45–₹46 per share, illustrating a clear strategy of increasing stake in times of volatility.
Positive Market Response: All Plutus bulk buying has triggered strong intraday spikes of 5–7% in SpiceJet shares, with July 23 closing higher by nearly 7% after the churn news.
Turnaround in Finances Underway: SpiceJet has reported net profits in the last two quarters (₹20.2 crore in Q3FY25, ₹26 crore in Q3 2024), following years of losses. Topline grew 35% YoY to ₹1,651 crore on the strength of higher passenger demand and much lower fuel prices.
Large Fundraise: A successful ₹3,000 crore Qualified Institutional Placement (QIP) in the later part of 2024 saw global giants such as Goldman Sachs and Discovery Global join the balance sheet, pay off legacy obligations, and enable operational recovery.
Strategic Restructuring: Promoter Ajay Singh has offloaded equity recently to meet warrant conversion, with the aim of restoring promoter holding and enhancing finances. Proceeds from placements and stake sales will be utilized for paying dues and funding fleet expansion schemes.
Turnover by Investor Marks New Chapter: With Plutus Wealth's stake currently at 4.44%, the reshuffling reflects growing institutional faith in SpiceJet's turnaround—though others do leave after an eventful phase of restructuring.
Source: Reuters, Moneycontrol, MarketScreener, GoodReturns, Business Today, EquityMaster, Economic Times, Business Standard, Upstox, Moneycontrol
Advertisement
Advertisement
