SpiceJet announces successful fund infusion of INR 294.09 Crore by Promoter Group, Raising Stake to 33.47%

SpiceJet today announced the successful infusion of INR 294.09 crore by its Founder and Promoter, Ajay Singh, through M/s Spice Healthcare Private Limited (a Promoter Group Company), marking a key milestone in the airline's strategic turnaround. The capital has been raised through the conversion of 13.14 crore warrants into an equivalent number of equity shares, increasing the consolidated shareholding of the Promoter Group from 29.11% to 33.47%.

This latest capital infusion underscores the Promoter Group's unwavering confidence in SpiceJet's long-term growth potential and strategic vision. This also marks successful completion of overall INR 500 crore support from the Promoter, Mr Ajay Singh in equity infusion, who committed to such support and infusion at one of the most difficult times.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "We are delighted to have successfully completed this fund infusion, which reaffirms our commitment to SpiceJet's growth and success. This investment will further strengthen the company's financial position, drive growth, and enhance our operations. We are well-positioned to seize new opportunities and continue to deliver value to our customers and stakeholders."

The successful conversion of warrants and the capital infusion mark a significant step forward in SpiceJet's ongoing turnaround strategy, reinforcing its financial stability and supporting future expansion in both domestic and international markets.

Shares of SPICEJET LTD was last trading in BSE at Rs. 48.22 as compared to the previous close of Rs. 45.41. The total number of shares traded during the day was 13345911 in over 13140 trades.

The stock hit an intraday high of Rs. 49.50 and intraday low of 46.15. The net turnover during the day was Rs. 639341813.00.

Source : Equity Bulls

Keywords

SPICEJET INE285B01017 Airlines SpiceHealthcare FundInfusion PromoterGroup