Millennium Post

SpiceJet to get Rs 1,500 cr funds; Marans too to infuse Rs 375 cr

Taking forward change of control at SpiceJet, its Board has approved transfer of Maran family’s entire 58.46 per cent existing stake — worth about Rs 700 crore at current price — to original owner Ajay Singh, while raising Rs 1,500 crore through issuance of fresh securities.

Besides, Marans would also infuse Rs 375 crore into the budget carrier in lieu of ‘non convertible preference shares’ to be alloted to them despite them offloading their entire existing equity stake in favour of Singh and resigning from the Board of the airline. While the pricing details with regard to share transfer by Marans were not disclosed, sources said Singh might also infuse fresh funds into the carrier and bring in some foreign investors into the airline.

The SpiceJet Board, in a meeting held yesterday, has also approved change in registered office of Gurgaon-headquartered airline from Tamil Nadu to Delhi, while the company’s Articles of Association would also be amended.
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