SpiceJet’s Singh to infuse Rs 294 crore, up stake to 34% – The Times of India-OxBig News Network

NEW DELHI: SpiceJet founder-promoter Ajay Singh will raise his stake in the airline from 29.1% to 33.5% by infusing Rs 294 crore through Spice Healthcare (a promoter group company). This funding will happen through the conversion of 13.1 crore warrants into an equivalent number of equity shares. The airline said
Singh is disposing up to 3.1 crore equity shares and will utilise the proceeds to enable Spice Healthcare to partially fund the balance of 75% of the amount at the time of allotment of the equity shares pursuant to exercise of option to convert said warrants.
Singh said: “This fresh infusion reaffirms our commitment to the airline and its bright future. This investment will further strengthen financial position and drive growth.”