SpiceJet to issue 3.59cr shares to Kalanithi Maran

Low cost carrier SpiceJet today said it will issue over 3.59 crore shares to promoter Kalanithi Maran on preferential basis, amounting to around Rs 78 crore at the current market price.

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 Rs 10...to Kalanithi Maran, promoter of the company, on preferential basis".

SpiceJet scrip is trading at Rs 21.75 on the BSE, based on which the allotment works out to over Rs 78.25 crore. The company's share fell 4.19% in today's trading.

Kalanithi Maran, together with his firm Kal Airways, holds 38.16% stake in Spicejet. He took over as the company's chairman in November last year.

Last month, SpiceJet had said its promoter group firm Kal Airways has pledged 86.17% of its total holding in the company. It amounts to 33.27% of the outstanding shares of the company.

Kal Airways holds over 15.65 crore shares in SpiceJet.