SpiceJet’s promoters infuse Rs 128 crore in the company

13 Mar 2014

Budget carrier SpiceJet’s promoters Kalanithi Maran and Kal Airways have infused Rs 128 crore into the company. In this regard, the company has allotted warrants to its promoters. This is the fifth time since 2011 that the promoters are infusing money in the airline.

The intension of the promoters is to capitalize the airline, which is in need of money after announcing a $4.4 billion deal with Boeing to buy 42 Boeing 737 planes.

The airline has allotted 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 at a premium of Rs 10.76 to promoters of the company on preferential basis.

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.

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