Bengaluru: Low cost carrier SpiceJet will get funds of Rs 1,500 crore through issuance of fresh securities. In a board meeting on Thursday, the cash-starved carrier saw the transfer of shares from media baron Kalanithi Maran to original promoter Ajay Singh.
But Maran would also infuse Rs 375 crore in lieu of ‘non convertible preference shares’, the company said. Promoters like KAL Airways and Maran will not sell and transfer their entire shareholding aggregating to 350,428,758 equity shares (58.46 per cent) to Singh.
SpiceJet has been facing trouble to stay afloat over mounting losses and need for funds in recent months.
Both Maran and his wife, Kavery Kalanithi as well as Managing Direct S Natrajhen have resigned from the board.
31/05/14 New Indian Express
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But Maran would also infuse Rs 375 crore in lieu of ‘non convertible preference shares’, the company said. Promoters like KAL Airways and Maran will not sell and transfer their entire shareholding aggregating to 350,428,758 equity shares (58.46 per cent) to Singh.
SpiceJet has been facing trouble to stay afloat over mounting losses and need for funds in recent months.
Both Maran and his wife, Kavery Kalanithi as well as Managing Direct S Natrajhen have resigned from the board.
31/05/14 New Indian Express
