SpiceJet’s promoters to hike 10% stake in the airline

03 Sep 2014

SpiceJet’s promoters Kalanithi Maran and Kal Airways are planning to increase their stake in the airline by 10 per cent to 68.42 per cent. The additional stake will cost the promoters Rs 312 crore. Maran and Kal will subscribe for fresh equity shares in two tranches; the company plans to allot 81,680,629 shares in the first and 107,410,479 shares in the second.

So far, the promoters had infused about Rs 1,300 crore into the airline. Maran had acquired SpiceJet for Rs 750 crore in 2010 and an additional Rs 550 crore was invested later, by way of equity.

SpiceJet is India’s most preferred airline who delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.

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