As the Economic Times exposed that a private equity firm TPG Capital has been trying to buy a minority stake of the Carrier SpiceJet, the shares of SpiceJet lifted by almost 5%.

SpiceJet’s shares were up by 2.94% at Rs 22.75 in a choppy Mumbai market, at 9:27 am.

It later raised by 3.2% at Rs 22.80 in a choppy Mumbai market, at 11:13 am. Its share price has witnessed a 52-week high of Rs 92.40 and a low of Rs 20, on BSE.

However, it has not been revealed that the proposal has been accepted or not but the paper has notified that the two companies have been negotiating.

However, a SpiceJet spokesperson refused to comment immediately and no information has come from TGP as well.

Kalanithi Maran, Chief of SpiceJet, had stated in June about his plans to elevate $270 million from Canada's export finance agency Export Development Canada (EDC) for its aircraft purchases.

The Company had decided to buy approximately 30 Nextgen turboprop aircraft from Bombardier for around$915 million, in November, 2010.

TGP capital may get hold of a minority stake in Spicejet Ltd, as the budget carrier plans of Spicejet has been decided to raise up to $270 Mn to expand its size.