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SpiceJet on Monday announced that its Founder and Promoter, Ajay Singh, through Spice Healthcare Private Limited (a Promoter Group Company), will infuse Rs 294.09 crore into the company through the conversion of 13,14,08,514 warrants into an equivalent number of equity shares (13.14 crore equity shares).
This strategic move will increase the consolidated shareholding of the Promoter Group in SpiceJet from the current 29.11per cent to 33.47per cent. Further, Ajay Singh, Promoter of the Company, is disposing upto 3.15 Crore equity shares of the Company and utilize the proceeds to enable Spice Healthcare Private Limited to partially fund the balance of 75 per cent of the amount at the time of allotment of the equity shares pursuant to exercise of option to convert said warrants. The infusion underscores the Promoter Group's continued confidence in SpiceJet's long-term growth potential and strategic direction. A meeting of the Board/Board Committee of the Company will be held shortly, on or before March 18, 2025, to approve the allotment of equity shares pursuant to the exercise of the warrant conversion option. Ajay Singh, Chairman and Managing Director, SpiceJet, said, "This fresh infusion reaffirms our unwavering commitment to the airline and its bright future. This investment will further strengthen our financial position and drive growth. SpiceJet has always been a resilient airline and with this fresh capital, we are well positioned to enhance our operations and seize new opportunities." The successful conversion of warrants and subsequent capital infusion marks another significant step in SpiceJet's ongoing turnaround strategy. On October 1, 2024, SpiceJet credited four months' worth of pending salaries to its employees after settling outstanding GST dues. The airline had been facing significant financial challenges, leading to prolonged salary delays for its workforce. Just a week ago, all pending salaries were cleared, bringing much-needed relief to employees ahead of the festive season. These positive developments follow SpiceJet's successful fundraising of Rs3,000 crore through a Qualified Institutional Placement (QIP). The QIP attracted a diverse group of high-profile institutional investors and funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. In addition to employee dues, the airline has also addressed its outstanding GST obligations, signaling a broader effort to strengthen its financial stability. With plans to induct new aircraft, expand routes, and rebuild its network, SpiceJet is demonstrating its commitment to reclaiming a competitive position in the aviation industry. With financial uncertainties easing, employees are feeling relieved and motivated, eager to contribute to the airline's revival and hopeful for a more stable future in the sector. (ANI)
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