Istithmar, the investment arm of Dubai World, sold its entire stake in Indian budget airline SpiceJet for $35.23 million (Dh129.37 million). A spokesman for SpiceJet said “We have been informed that Istithmar World has sold its equity stake in SpiceJet. They remain invested in the company through FCCBs,”
Foreign currency convertible bonds (FCCBs) are debt instruments that can be converted into equity shares. A source with knowledge of the deal said Istithmar sold its share in JetSpice using block deals with several mutual funds and a foreign institutional investor. Bank of America Merrill Lynch arranged the SpiceJet deal.
