SpiceJet’s promoter Kalanithi Maran’s holding in no-frills airline has increased by nearly 6% to 22.05% due to allotment of equity shares following conversion of convertible debentures. The company has allotted 35,931,453 equity shares to Maran following conversion of 13 million Unsecured Compulsorily Convertible Debentures for an aggregate value of Rs 130 crore.
SpiceJet had allotted these equity shares of Rs 10 each on April 18 to Maran pursuant to conversion of Unsecured Compulsorily Convertible Debentures of the face value of Rs 100 each, at a conversion price of Rs 36.18 per equity share.
Maran’s stake has risen from 16.27% to 22.05%, while the overall holding of promoters in the airline also climbed to 52.14% from 48.59% at the end of March quarter.
SpiceJet, India's second-largest budget carrier by market share, currently operates more than 350 daily flights to over 50 Indian cities and 8 international destinations.
