Istithmar sells its share in Spice Jet

Istithmar sold its stake in the airline via block deals to a couple of domestic mutual funds and a foreign institutional investor (FII), for $35.23 million (Dh129.37 million), a source with direct knowledge of the deal told the agency.

"We have been informed that Istithmar World has sold its equity stake in SpiceJet. They remain invested in the company through FCCBs," a spokeswoman for the airline said in New Delhi. Foreign currency convertible bonds, or FCCBs, are debt instruments with an option to convert into equity shares at a later stage. Bank of America Merrill Lynch was the sole arranger of the Spicejet deal, the source said.