SpiceJet Rs2.94 billion capital infusion

The Delhi-based low-cost airline SpiceJet is to get an infusion of Rs2.94 billion. The airline’s promoter and founder, Ajay Singh, will infuse the funds into the airline through a promoter company, Spice Healthcare Private Limited, by converting 131.4 million warrants into an equivalent number of equity shares, it was announced on Monday.

This move will see the promoter group’s consolidated shareholding in the low-cost airline reach 33.47 percent from 29.11 percent. It was not immediately clear when the transaction would be completed or what the funds raised would be used for.