Wilbur Ross appointed as Director on SpiceJet board

Mumbai: SpiceJet on Monday said Mr Wilbur Ross has been appointed director on the board of the company, along with Mr Ranjeet Nabha, of the private equity firm led by the billionaire investor.
“Mr Wilbur Ross and Mr Ranjeet Nabha of WL Ross & Co LLC have been appointed as directors on the board of the company with effect from January 31, 2009,” the company said in a filing to the Bombay Stock Exchange.
This development follows an investment of $80 million (about Rs 345 crore) the PE firm had made in the carrier last July. It was aimed at clearing the budget carrier's debt as well as meeting its working capital requirements.
Mr Ross holds foreign currency convertible bonds that can be converted into equity by December 2010. If he chooses to exercise his option, he could become owner of up to one-third (up to 32 per cent) of carrier SpiceJet by the next year.
02/02/09 PTI/Business Line

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Categories: SpiceJet Feb 2009