Spicejet to issue 42900000 shares to Kalanithi Maran

The Board of Directors of Spicejet Ltd at its meeting held on March 02, 2012, has decided to issue and allot upto 42,900,000 equity shares of face value of Rs. 10/- on a price to be determined as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI ICDR Regulations") to Mr. Kalanithi Maran, Promoter of the Company, on preferential basis subject to the approval of the members of the Company as per the provisions of the Companies Act, 1956 read with provisions of SEBI ICDR Regulations and such other approvals, consent, etc as may be required in this regard.

The Board further decided to conduct postal ballot exercise pursuant to Section 192A of the Companies Act, 1956 read with Companies (Passing of Resolution by Postal Ballot) Rules, 2011 to give effect to the above and such other business as may be included in the postal ballot notice.

The Spicejet Ltd stock closed the day at Rs.20.70, down by Rs.0.10 or 0.48%. The stock hit an intraday high of Rs.21.35 and low of Rs.20.50.

The total traded quantity was 44.73 lakhs compared to 2 week average of 51.14 lakhs.

Source : Equity Bulls

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