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Maran raises stake in SpiceJet to 22%

Maran raises stake in SpiceJet to 22%
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Mumbai (PTI) : SpiceJet on Monday said its promoter Kalanithi Maran's stake in the no-frills airline has increased by nearly six per cent to 22.05 per...

kala2Mumbai (PTI) : SpiceJet on Monday said its promoter Kalanithi Maran's stake in the no-frills airline has increased by nearly six per cent to 22.05 per cent due to allotment of equity shares following conversion of convertible debentures.

Maran's stake has risen from 16.27 per cent to 22.05 per cent, SpiceJet said in a regulatory filing. The overall holding of promoters in the airline also climbed to 52.14 per cent from 48.59 per cent at the end of March quarter.

The company has allotted 35,931,453 equity shares to Maran following conversion of 13 million Unsecured Compulsorily Convertible Debentures for an aggregate value of `130 crore.

SpiceJet had allotted these equity shares of `10 each on April 18 to Maran pursuant to conversion of Unsecured Compulsorily Convertible Debentures of the face value of `100 each, at a conversion price of `36.18 per equity share.

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