Plutus Wealth Management expanded its stake in domestic airline SpiceJet by purchasing additional shares worth Rs 50 crore. This acquisition was made through an open market transaction, as confirmed by data from the Bombay Stock Exchange (BSE). The investment demonstrates Plutus Wealth’s growing confidence in SpiceJet’s performance and future potential.
Details of the Transaction
According to the bulk deal data available on the BSE, Plutus Wealth Management purchased 75 lakh shares, which represents a 0.58% stake in SpiceJet. The shares were acquired at an average price of Rs 66.70 per share, bringing the total value of the transaction to approximately Rs 50.02 crore. However, the identity of the seller who offloaded the shares could not be determined.
Following this significant transaction, SpiceJet’s stock experienced a rise on the BSE. The airline’s shares saw a gain of 6.95%, closing at Rs 68.13 per share on Tuesday. This increase indicates a positive market response to Plutus Wealth’s investment, further strengthening investor confidence in the airline’s stock.
Recent Acquisitions by Plutus Wealth
This acquisition follows another significant purchase by Plutus Wealth Management just a day earlier. On Monday, the wealth management firm bought 85 lakh shares of SpiceJet, which represented a 0.66% stake in the company. This transaction was valued at Rs 51 crore. The two consecutive purchases signal Plutus Wealth’s continued interest in SpiceJet and its belief in the airline’s long-term growth prospects.
Plutus Wealth Management’s recent investments highlight its growing confidence in SpiceJet. As one of India’s prominent low-cost carriers, SpiceJet has attracted the attention of investors who are optimistic about the airline’s future performance. These share acquisitions reflect the belief that SpiceJet will continue to perform well in the competitive aviation market.
