SpiceJet raises Rs 130 cr from Kalanithi Maran in two tranches

Maran and Kal Airways raise their holding in SpiceJet to 52.14%

Budget carrier SpiceJet has raised Rs 130 crore through issue of securities in two tranches to promoter Kalanithi Maran this week.

"...The company has allotted 3,50,000 14% unsecured compulsorily convertible debentures (CCDs) of Rs 100 each aggregating to Rs 35,000,000 to Kalanithi Maran, promoter of the company on preferential basis," the low cost carrier said in a BSE filing today.

According to a separate stock exchange filing by the company, Kalanithi Maran and Kal Airways have increased their holding in SpiceJet to 52.14%.

As on September quarter, both the promoters held 48.59% stake in the airline.

Earlier this week, the company had raised Rs 126.5 crore through issue of securities to Kalanithi Maran.

On December 26 last year, shareholders had approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.

The budget airline, promoted by Sun Group, is looking for funds for expansion.

In November last year, the board had approved issuance of convertible debenture and or warrants convertible into up to a maximum of 52.1 million equity shares to the promoter of the company on preferential basis.

The carrier said in November last year that it needs capital for expansion and would explore options including equity contribution from existing shareholders and raising debt.

Sun Group CFO SL Narayanan had said in terms of available financing options, the company could look at debt, lease finance and funding from existing shareholders, among others.

Shares of the company closed at Rs 46.60, down 1.48% from its previous close on the BSE.