» Business » SpiceJet allots 4.29 cr shares to Maran

SpiceJet allots 4.29 cr shares to Maran

Source: PTI
Last updated on: April 10, 2012 17:03 IST
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Low-cost carrier SpiceJet has raised about Rs 100 crore (Rs 1 billion) by allotting 4.29 crore shares to promoter Kalanithi Maran at a price of Rs 23.18 per share.

"Pursuant to the shareholders' approval, on April 10, 2012, the company has allotted 42,900,000 equity shares of Rs 10 each at a price of Rs 23.18 per share to Kalanithi Maran, promoter of the company on preferential basis," SpiceJet said in a filing with the BSE.

The overall holding of promoters in the airline has risen to 48.6 per cent after the allotment of 4.29 crore shares, or 5 per cent equity.

Maran, the media baron-turned airline owner, took over as the chairman of SpiceJet in November 2010 after buying out stake held by the US-based private equity investor Wilbur Ross.

The Chennai-headquartered airline, which had market share of 16.3 per cent in February, operates 272 flights per day across 36 destinations, including two international routes, with a fleet of 39 aircraft comprising Boeing 737-800/900 and Bombardier Q-400.

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