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    HomeNewsBusinessCompaniesMaran to infuse Rs 100cr into SpiceJet, up stake to 48.6%

    Maran to infuse Rs 100cr into SpiceJet, up stake to 48.6%

    SpiceJet in a board meeting today has allotted 429 lakh equity shares to Kalanithi Maran. This will increase his stake in SpiceJet by 5% to 48.59%.

    March 04, 2012 / 14:00 IST
       
       
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      SpiceJet in a board meeting today has allotted 429 lakh equity shares to Kalanithi Maran. This will increase his stake in SpiceJet by 5% to 48.59%. 


      Kalanithi Maran has infused Rs 100 ccrore in the airline for this additional 5% stake.


      Neil Mills, the CEO of SpiceJet said the money will be used for working capital needs and to fund growth. In September last year Maran infused Rs 130 crore in SpiceJet.


      "Today our board met and decided to allot 42.9 million preferential shares or five percent to the promoters which is worth Rs 100 crore. This will take the overall holding of promoters in the airline to 48.6%," SpiceJet chief executive Neil Mills told PTI from New Delhi.


      The fresh equity infusion comes at a time its rival Kingfisher Airline is struggling to be air-borne due to a severe cash-crunch.


      Kingfisher
      first published: Mar 2, 2012 10:18 pm

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