PJSC, a Dubai-based investment house has sold off 2.21 crore shares, representing 6.89% stake to SpiceJet at Rs 53.55 per share, amounting to a total of Rs 118.54 crore on Tuesday. This information has been found out according to the data available on the Bombay Stock Exchange.

In February, nearly 14% of the stake had been offloaded by Istithmar to the airline for Rs 164 crore. The company has informed on Monday that it had got hold of almost 22.14 million shares through foreign convertible currency bonds valuing nearly Rs 55.34 crore.

Mr. Maran, whose KAL Airways had got hold of almost 37.7% of stake in SpiceJet last month at a price of Rs 740 crore has declared an open offer to acquire an extra 20% for Rs 57.76 per share.

Another deal was made on the BSE whereby Legg Mason Southeast Asia Special Situations Trust and DB Fund Mauritius Ltd got hold of 1,15,61,312 shares, which is equivalent to 4.77% holding in Spicejet or Rs 61.95 crore.

However there has been a marginal decline in the share price of SpiceJet after this announcement.