Spicejet allots 1.5 cr equity shares

Proceeds from the current infusion to be utilised towards working capital requirements of the company in accordance with terms of the issue

Spicejet today alloted 1.5 crore equity shares after an equal number of warrants were converted to its promoter Kalanithi Maran.

 

The company said shares were alloted at a price of Rs.36.18 per share. The amount paid for this purpose aggregated to Rs 54.27 crore. 

 

SL Narayanan, Group CFO, Sun Group said, the present conversion has been done in accordance with the terms of warrants which were earlier allotted on January 9, 2013. These warrants were exercisable for conversion into equity shares within 18 months from the date of allotment.  

 

He added, the proceeds from the current infusion would we utilised towards working capital requirements of the company in accordance with the terms of the issue.  

 

Post allotment of these shares the holding of the Promoters have increase to 53.48% in the Company out of which Kalanithi Maran individually holds 24.24%. The balance 29.24% is held by KAL Airways Private Ltd. 

 

Earlier, the promoters have earlier in 2011-12, 2012-13 and 2013-14 infused equity capital to the tune of Rs.130.92 crore, Rs 99.44 crore and Rs 130 crore, respectively. 

 

Meanwhile, to a question company's plan to buy any new flights, Narayanan said there are no updates on the buying of additional aircraft at this time.