Istithmar exits SpiceJet at loss
Dubai investment group Istithmar has sold all of its 13.4% stake in Indian budget carrier SpiceJet, reportedly at a loss of $7.2 million on the final sale price of $37 million.
Istithmar’s decision came as part of the group’s global policy of exiting positions to deal with its overriding debt and liquidity issues. Istithmar reportedly sold to seven local and foreign mutual funds and other investors, including Birla Sun Life Mutual Fund, DSP BlackRock Mutual Fund, and Reliance Mutual, with BoA/Merrill Lynch arranging the sale. Istithmar first invested in SpiceJet in 2005, subsequently enlarging its stake in 2007. US private equity firm WL Ross & Co. also invested in SpiceJet in 2008, but has since exited its positions.
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