SpiceJet's shareholders approve raising funds from majority owner

This story is sourced from Pro
See more Pro news »

SpiceJet's shareholders have approved a move to raise funds through the issue of debentures and warrants to its main shareholder Kalanithi Maran.

The Indian carrier will issue 14% unsecured convertible debentures as well as warrants, with an option to apply for equity shares, on a preferential basis, to Maran.

The carrier's board had approved the proposal last month. Local media reports say the airline has been studying various options to raise funds for its fleet expansion plans.

Maran, the owner of the Sun Group conglomerate, has an individual stake of 48.59% in SpiceJet via his KAL Airways vehicle.