Besides, Marans would also infuse Rs 375 crore into the budget carrier in lieu of 'non convertible preference shares' to be alloted to them despite them offloading their entire existing equity stake in favour of Singh and resigning from the Board of the airline.
While the pricing details with regard to share transfer by Marans were not disclosed, sources said Singh might also infuse fresh funds into the carrier and bring in some foreign investors into the airline.
Besides, Kalanithi Maran, his wife Kavery Kalanithi and Managing Director S Natrajhen have resigned from the Board with immediate effect to make way for new directors in wake of new ownership.
The embattled airline, which received a lifeline from original promoter Singh earlier this month, would issue up to 37.5 lakh non-convertible cumulative redeemable preference shares of Rs 1,000 apiece to Kalanithi Maran or Kal Airways or both on a preferential basis.
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Pursuant to the pact, Maran and Kal Airways would sell and transfer their entire shareholding, aggregating to 58.46 per cent stake, to Singh.
Besides, the Board has cleared a proposal to issue "equity shares/warrants and/or any instrument convertible into equity shares whether optionally or otherwise/Global Depository Receipts (GDRs)/American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs) ("Securities") for an aggregate amount not exceeding Rs 15,000,000,000 or equivalent currency(ies) to any person or persons, whether or not shareholder of the company."
SpiceJet would seek shareholders' nod through postal ballot for all these proposals.
Shares of SpiceJet, where Singh was one of the two original co-founders, rose more than 2 per cent to Rs 22.25 in afternoon trade on the BSE.