Maran to infuse Rs 100 cr in SpiceJet, up stake by 5%

Kalanithi Maran, promoter of SpiceJet and Sun Television Network (Sun TV) plans to increase his stake by 5% in SpiceJet by infusing Rs 100 crore. The Airline's Board of Directors at its meeting held today has decided to issue and allot up to 42,900,000 equity shares.

According to company representatives, with this infusion Maran's stake in the Airline will go to 48.6%.

Maran had infused Rs 130 crore in the low-cost carrier last September and had paid 50% more than the market price for the shares. He had became a promoter of the airline in 2010 by acquiring a stake in it in association with KAL Airways Pvt Ltd.

SpiceJet's auditors recently raised concerns over the airline’s ability to continue as a company citing erosion of networth due to mounting losses. The company, however, claimed that its net worth had, in fact, increased ten-fold from about Rs 9 crore in September to Rs 96 crore on December 31, 2011.