Rare Ent Buys 25 Lkh Shares of Spicejet for 7.6 Crores

Bangalore: Ace investor Rakesh Jhunjhunwala's Rare Enterprises has acquired 25 lakh shares of budget carrier SpiceJet  for 7.69 crores through an open market transaction.

According to the data available with stock exchanges, Rare Enterprises bought 25 lakh shares of SpiceJet at a price of 30.77 apiece, valuing the deal at 7.69 crores. However, the seller of the shares could not be ascertained.

Meanwhile, SpiceJet reported a net profit of Rs .56 crores for the June quarter 2012 after posting five straight quarterly losses. The company had a net loss of 71.96 crores in April-June period of 2011.

The company's revenues rose by 51 percent from the year-ago period to 1,407 crores. Shares of the company jumped by more than 22 percent to close at Rs 30.85 apiece on the BSE.

SpiceJet, India's second-biggest budget airline, posted an unexpected quarterly profit as more passengers pushed up revenue, raising hopes of turnaround in the country's embattled aviation industry and lifting airlines stocks.