SpiceJet issues 35 mn equity shares to Maran

They have been issued at an aggregate value of Rs 130 cr

SpiceJet has allotted equity shares to its promoter Kalanithi Maran, following conversion of 13 million unsecured compulsory convertible debentures (CCDs) of 14% interest, of the face value of Rs 100 each, for an aggregate value of Rs 130 crore.

The company on April 18, 2013 has allotted 35,931,453 equity shares of Rs 10 each, to Kalanidhi Maran, promoter of the company, pursuant to conversion of 13 million Unsecured Compulsorily Convertible Debentures of the face value of Rs 100 each, at a conversion price of Rs 36.18 per equity share, according to a company announcement with the exchanges.

It may be noted that the company, in December, 2012, has issued a postal ballot and received shareholders' approval for a proposal to issue CCDs and warrants to Maran, who would inturn infuse Rs 184 crore into the company and increase his stake by 5% through the entire transaction. This was for issuance of CCDs of an aggregate nominal value of Rs 130 crore and warrants of an aggregate face value of Rs 15 crore to promoter Maran.