Over 1.71 cr pledged shares of SpiceJet released

Low cost carrier SpiceJet today said that more than 1.71 crore shares pledged by one of its promoter, Kal Airways, have been released.

Kal Airways, one of the two promoter entities of the carrier, held 15.65 crore or 32.32 per cent stake in SpiceJet as of September quarter.

In a disclosure to the BSE, Spicejet said that over 1.71 crore equity shares of the company, pledged by Kal Airways have been released.

Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.

About Rs 130 crore would be raised through issue of 14 per cent unsecured compulsorily convertible debentures. Further, by way of allotting warrants with an option to apply for equity shares, the carrier would mop up Rs 15 crore.

In November, the board had approved issuance of convertible debenture and/or warrants convertible into up to a maximum of 52.177 million equity shares to the promoter of the company on preferential basis.

SpiceJet operates over 300 daily flights.

Shares of the company fell 1.46 per cent to close at Rs 44 on the BSE.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Need to rein in profligate promoters in low margin airline business

    With the media and industry searchlight trained hard on SpiceJet, it is easy to forget that it may be, at worst, a symptom, not the real malaise itsel

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture