SpiceJet promoters to infuse funds

The airline's board decides to issue warrants to promoters on a preferential basis

Promoters of no-frills airline SpiceJet will make a fresh infusion in the cash-strapped airline. On Thursday, the airline's board decided to issue warrants to the promoters on a preferential basis. The warrants are convertible into equity shares. Kalanithi Maran, owner of Sun Group, controls 53.5 per cent stake in the airline.

The airline will issue and allot up to 189.1 million warrants convertible into equivalent number of equity shares, in various tranches, to the promoters of the company, at a price to be determined according to Sebi regulations, SpiceJet said in a filing to the BSE.

"More details to follow tomorrow (Friday)," SpiceJet's chief operating officer Sanjiv Kapoor said in response to a text message. The decision is subject to the approval of the company's shareholders.