Chennai: The low-cost airline SpiceJet has proposed to issue about 19 crore warrants having a nominal value of Rs 10 each to its promoters Kal Airways and Kalanithi Maran for a consideration of Rs 308 crore. The issue comes with an option to apply for and be allotted equivalent number of equity shares of face value of Rs 10 at a premium of Rs 6.30 each.
The promoters have paid an advance of Rs 100 crore against such proposed warrants. SpiceJet has utilised the entire proceeds towards meeting working capital requirements in accordance with the objectives of the said issue. Moreover, the company has also allotted 6.41 crore equity shares of Rs 10 each to its promoters consequent upon conversion of equivalent number of warrants issued on preferential basis last year.
During financial year 2014, the promoters converted 1.5 crore warrants into equity shares thereby infusing Rs 40.70 crore. Further, they subscribed to 6.41 crore warrants convertible into equity shares, for which 25 per cent upfront money amounting to Rs 33.30 crore was received last year. In addition, SpiceJet availed unsecured loan of Rs 75 crore as well as a Rs 25 crore, which was provided as an advance against the remaining subscription money to be received consequent to the conversion of the warrants issued during the year. As of September 30, Kal Airways and Kalanithi Maran own 58.46 per cent of the company, which includes the warrants amounting to 4.5 crore and 1.91 crore respectively.
16/11/14 S Shyamala/mydigitalfc.com
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The promoters have paid an advance of Rs 100 crore against such proposed warrants. SpiceJet has utilised the entire proceeds towards meeting working capital requirements in accordance with the objectives of the said issue. Moreover, the company has also allotted 6.41 crore equity shares of Rs 10 each to its promoters consequent upon conversion of equivalent number of warrants issued on preferential basis last year.
During financial year 2014, the promoters converted 1.5 crore warrants into equity shares thereby infusing Rs 40.70 crore. Further, they subscribed to 6.41 crore warrants convertible into equity shares, for which 25 per cent upfront money amounting to Rs 33.30 crore was received last year. In addition, SpiceJet availed unsecured loan of Rs 75 crore as well as a Rs 25 crore, which was provided as an advance against the remaining subscription money to be received consequent to the conversion of the warrants issued during the year. As of September 30, Kal Airways and Kalanithi Maran own 58.46 per cent of the company, which includes the warrants amounting to 4.5 crore and 1.91 crore respectively.
16/11/14 S Shyamala/mydigitalfc.com
