Singh is learnt to have raised a soft loan for this fund infusion in the airline. Sources also say that investors will pick up a stake in the airline once the restructuring process is completed.
Employees of SpiceJet have some reason to cheer. After some uncertain months, relief is in sight as new promoter Ajay Singh told CNBC-TV18 today that there will be no large scale manpower reduction at the airline for now. Singh said his target was to get to the ratio of 90 people per aircraft and the airline is already close to this target.
Though Singh declined to provide more details on manpower restructuring going forward, a source close to him pointed out that there will be significant rejig of the top management but people at junior and mid levels will not be disturbed. This source also said Singh may earmark up to 5 percent of equity for employee stock options.
Singh today brought in Rs 500 crore of the Rs 1,500 crore committed investment in SpiceJet as per the approved revival plan. The source quoted earlier said Singh has raised a soft loan for this investment So will foreign investors - who were said to be in the reckoning earlier for picking up minority stakes in SpiceJet - now come forward? The source said there seems to be "a lot of interest" from domestic investors and some from abroad and that things will become clearer after some weeks.
Singh has already begun massive operational restructuring. The source said SpiceJet has already reduced the number of stations it operates to, from 36 to 31, and there will be further reduction.
Singh said he has not taken any decision on whether to continue with the fleet of Bombardier aircraft (the Q400) and any decision will be effective only later this year, from the winter schedule. "We have anyway done our fleet planning keeping the Q400 in mind for the summer schedule," he said. But the source quoted earlier said phasing out the Q400 fleet was a possibility. As of now, the airline also has 17 operational Boeing 737 aircraft.
SpiceJet stock price
On February 25, 2015, SpiceJet closed at Rs 24.95, up Rs 0.80, or 3.31 percent. The 52-week high of the share was Rs 25.70 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.51.
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