SpiceJet shareholders agree to raise funds from Maran

SpiceJet has announced in its regulatory filing today that its shareholders have approved the company’s proposal to raise funds through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.

Earlier, the company’s board decided to raise Rs 130 crore through issue of 14 per cent unsecured compulsorily convertible debentures to Kalanithi Maran, and another Rs 15 crore through preferential allotment of warrants with an option to apply for equity shares to him.

Besides, it has also been approved that the company’s authorised share capital be raised to Rs 1,000 crore from the current Rs 565 crore; to redesignate S. Natrajhan as Managing Director of the company; and election of Kalanithi Maran and Kavery Maran as directors not liable to retire by rotation.

In September last year, Maran infused Rs 130 crore, increasing his stake to a little over 38 per cent. The company’s Chief Executive Officer, Neil Raymond Mills, has said in a statement that the fresh shares will raise the promoter's shareholding to 43 per cent.

ravikumar.ramanujam@

thehindu.co.in

(This article was published in the Business Line print edition dated December 27, 2012)

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