Indian budget carrier Spicejet is seeking its members’ approval to raise the promoters’ stake in the company by almost 5%.
Earlier on January 9, 2014, the company’s board of directors decided to issue up to 6,41,69,000 warrants of the face value of Rs 10 each on preferential basis to promoters with the option to apply for and be allotted an equivalent number of equity shares.
The proceeds of the preferential issue are proposed to be utilised for expansion program of the company, its working capital requirements and repayment of loans.
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.