Mumbai: Low-cost carrier SpiceJet on Monday alloted 1.5 crore equity shares to its promoter Kalanithi Maran after an equal number of warrants worth Rs 54.27 crore were converted.
The promoters of SpiceJet have increased their stake in the low-cost carrier to 53.48 per cent by acquiring 2.8 per cent equity on conversion of warrants worth over Rs 54 crore.
The 15 million warrants, allotted on January 9, 2013, were converted into an equal number of shares by the airline's two promoters - Kalanithi Maran and Kal Airways Private Ltd.
"The company on November 30 allotted 1,50,00000 equity shares of Rs 10 each, to Kalanithi Maran, pursuant to exercise of conversion right attached to 1,50,00000 warrants issued on preferential basis, at an issue price of Rs 36.18 per equity share, in accordance with the SEBI," Spicejet said in a filing to the BSE on Monday.
"These warrants were exercisable for conversion into equity shares within 18 months from the date of allotment," SpiceJet said in a statement.
Following the conversion, Maran has hiked his stake by 2.19 per cent to 24.24 per cent, while Kal Airways increased its holding by 0.61 per cent to 29.24 per cent, according to a filing to the BSE.
"The promoters have earlier in the financial years 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," according to the statement.
The overall holding of the promoters in the airline stood at 52.14 per cent at the end of the September quarter.
SpiceJet operates more than 350 daily flights to over 50 Indian cities and eight international destinations. Shares of the company closed at Rs 17.45, down 1.69 per cent, on the BSE.
