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HDFC Trustee Company buys 0.42% stake in SpiceJet

HDFC Trustee is a wholly-owned subsidiary of HDFC and trustee company of HDFC Mutual Fund.

April 01, 2020 / 10:27 IST
     
     
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    HDFC Trustee Company on March 20, bought 25 lakh shares of SpiceJet from the open market constituting  o.42 percent of the airline shareholding.

    HDFC Trustee Company,  a wholly-owned subsidiary of HDFC, is the Trustee to HDFC Mutual Fund, the largest mutual fund in the country.

    With the buy, HDFC Trustee now has 5.05 percent stake in the airline.

    SpiceJet, like the rest of its peers in the domestic industry, has suspended operations until April 14, because of the nationwide lockdown.

    COVID-19 has deepened the crisis for the industry with most airlines asking for government aid to pay salaries and meet other expenses.

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    SpiceJet stocks were trading at Rs 36 a share, down 2 percent, mostly in line with the broader markets.

    The headline and copy of the story have been updated after it came to light that HDFC Trustee had bought 0.42 percent stake in SpiceJet, and not 5.45 percent in a single transaction as was earlier ascertained.

    Moneycontrol News
    first published: Mar 30, 2020 11:08 am

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