Spicejet chairman increases stake in carrier

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Indian low-cost carrier SpiceJet's chairman Kalanithi Maran is pumping Indian rupees (Rs) 1 billion ($20.2 million) into the airline through a preferential share offer.

SpiceJet will issue 42.9 million shares to Maran, increasing his stake in the carrier to 48.6% from 43.59%.

The decision was approved by its board of directors, said the carrier in a stock exchange statement.