Authum Investment & Infrastructure Limited has disclosed the acquisition of a 1.51% stake in SpiceJet Limited under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure was filed on April 13, 2026, following the completion of the acquisition on April 10, 2026.

Acquisition Details

The acquisition involves 2,31,07,588 equity shares of SpiceJet Limited, representing 1.51% of the company's total share capital. These shares were previously held in Authum's dematerialized account as continuing security for an outstanding loan and have now been appropriated by the company for loan recovery purposes.

Target Company Information

SpiceJet Limited's shares are listed on both BSE Limited and the National Stock Exchange of India Limited. The company's total equity share capital stands at Rs. 15,26,09,94,920, comprising 1,52,60,99,492 equity shares of Rs. 10 each. This capital structure remained unchanged following the acquisition.

Regulatory Compliance

Authum Investment & Infrastructure Limited filed the disclosure pursuant to Regulation 29(2) of SEBI SAST Regulations. The company confirmed that it does not belong to the promoter or promoter group of SpiceJet Limited. The acquired shares are ordinary equity shares that do not carry any special rights or features.

Holdings Summary

Prior to this acquisition, Authum held the same 2,31,07,588 shares as encumbrance for loan security. Post-acquisition, these shares are now held as direct investment, converting the nature of holding from security to equity investment while maintaining the same 1.51% stake in SpiceJet Limited.

The disclosure was signed by Ms. Dipyanti Jaiswar, Company Secretary of Authum Investment & Infrastructure Limited, and has been communicated to both stock exchanges where SpiceJet shares are listed.

SpiceJet faces mounting operational challenges as HSBC maintains its sell recommendation while significantly reducing the target price outlook for the airline stock.

HSBC Rating and Price Target

HSBC has retained its sell rating on SpiceJet while making a substantial downward revision to its target price. The investment bank has cut the target price from Rs 17.10 to Rs 5.3, representing a dramatic reduction in the stock's valuation expectations.

Key Operational Challenges

The brokerage has identified several significant headwinds impacting SpiceJet's operational performance and financial outlook:

• Higher oil prices creating increased fuel cost pressures
• INR depreciation affecting the airline's cost structure
• Flight cancellations impacting revenue generation and operational efficiency
• Inadequate fuel surcharge mechanism failing to offset rising operational costs

Capacity and Market Dynamics

Despite firm underlying fares in the aviation sector, HSBC anticipates potential summer capacity cuts for SpiceJet. The airline's inability to adequately pass through increased costs via fuel surcharges poses a significant challenge to maintaining operational capacity during peak travel seasons.

The combination of external cost pressures and internal operational constraints continues to weigh on the airline's financial performance, prompting the substantial target price revision by the investment bank.