Indian budget airline SpiceJet is all set to raise money from its promoters by allocating new warrants. This is the fifth time since 2011 that the promoters are infusing money in the airline. In this regard, Kalanithi Maran-owned airline received its board’s approval on January 9, 2014 to raise upto 64,169,000 warrants having option to apply for and be allotted equivalent number of equity shares of the face value of Rs 10 each to the promoters of the company, on preferential basis on a price to be determined as per SEBI ICDR Regulations.
Earlier in December, Spicejet has allotted 1.5 crore equity shares consequent upon conversion of an equal number of warrants to its promoter Kalanithi Maran.
SpiceJet is India’s most preferred airline 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.