Dubai's Istithmar raises stake in India's SpiceJet
Tue Dec 20, 2005
DUBAI, Dec 20 (Reuters) - Dubai investment firm Istithmar said on Tuesday it had raised its stake in Indian budget airline SpiceJet Ltd. (SPJT.BO: Quote, Profile, Research) to $50 million.
Istithmar bought a stake worth $12.5 million last month and increased its holding via SpiceJet's foreign currency convertible bonds, a statement said.
Spicejet, which said earlier this month it had raised $80 million through foreign currency convertible bonds, is one of several budget carriers competing in India's rapidly growing domestic travel market.
Set up in 2003, Istithmar is owned by the Dubai government and one of several vehicles the emirate uses to buy overseas assets.
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