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.
In a statement, the airline said that Singh, the company’s promoter, is disposing of up to 31.5 million equity shares and utilizing the proceeds to enable Spice Healthcare Private Limited to partially fund the balance of 75 percent of the amount at the time of allotment of the equity shares pursuant to exercise the option to convert the warrants.
