Key Points
Low cost airline SpiceJet on Friday said that it has completed raising Rs 744 crore as part of its refinancing plan..
Additionally, the board also approved the allotment of 9.33 Crore warrants on a preferential basis to Elara India Opportunities Fund Limited and Silver Stallion Limited...
The airline also said that it has sought additional time from regulators to complete the remaining tranche of funding which has been necessitated due to limited banking days arising from long weekends during the intervening period...
This is part of the funding plan which the cash-strapped carrier had announced in December announced that its board had approved raising fresh capital of Rs 2,250 crore from 63 entities, including financial institutions, foreign institutional investors, high-net-worth individuals, and private investors such as Elara India Opportunities Fund, Aries Opportunities Fund, Mahapatra Universal Limited, Nexus Global Fund, Prabhudas Lilladher, and Resonance Opportunities Fund...
After the funding promoter Ajay Singhs current shareholding in the airline will reduce from 56.49% to at least 38.55 % once the shareholders approve the issuance of equity and warrants. 37.9 % of Singhs stake is pledged with various banks...
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