SpiceJet to issue preferential shares to Kalanithi Maran
27 Aug 2011
Low cost carrier, SpiceJet, today said it will issue over 3.59 crore shares to promoter Kalanithi Maran on preferential basis. At current market price the allotment would be valued at approximately Rs78 crore.
In a filing to the Bombay Stock Exchange (BSE), Spicejet said, "The board of directors... has decided to issue 3,59,77,616 equity shares of face value Rs10...to Kalanithi Maran, promoter of the company, on preferential basis".
With the SpiceJet scrip trading at Rs21.75 on the BSE the allotment works out to over Rs78.25 crore.
Kalanithi Maran, chairman of the company since November last year, holds 38.16% stake in Spicejet along with his firm Kal Airways.
Last month, SpiceJet had said its promoter group firm, Kal Airways, had pledged 86.17% of its total holding in the company, amounting to 33.27% of the outstanding shares of the company.
Kal Airways holds over 15.65 crore shares in SpiceJet.