SpiceJet raises funds to the tune of Rs 54.27 crore from Kalanithi Maran

10 Jan 2013

SpiceJet, India's second-biggest budget carrier by market share has raised funds to the tune of Rs 54.27 crore through issue of warrants to promoter of the company Kalanithi Maran. The budget carrier has allotted 15,000,000 warrants, having option to apply for and be allotted equivalent number of equity shares of the face value of Rs 10 each at a premium of Rs 26.18 to promoter Kalanithi Maran on preferential basis.

Kalanithi Maran and Kal Airways have increased their holding in the airline company to 53.48%. Till the end of September quarter, both the promoters held 48.59% stake in the airline.

Last month the company’s shareholders have approved a proposal to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to Kalanithi Maran. SpiceJet has earlier raised Rs 130 crore through issue of securities in two tranches to Maran.

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