Maran stake rises to 22.05% in SpiceJet

SpiceJet on Monday said its promoter Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 percent to 22.05 percent due to allotment of equity shares following conversion of convertible debentures. Maran's stake has risen from 16.27 percent to 22.05 percent, SpiceJet said in a regulatory filing to the stock exchange.

The overall holding of promoters in the airline also climbed to 52.14 percent from 48.59 per cent at the end of March quarter. The company has allotted 35,931,453 equity shares to Maran following conversion of 13 million Unsecured Compulsorily Convertible Debentures for an aggregate value of Rs 130 crore.

SpiceJet had allotted these equity shares of Rs 10 each on April 18 to Maran pursuant to conversion of Unsecured Compulsorily Convertible Debentures of the face value of Rs 100 each, at a conversion price of Rs 36.18 per equity share.

The airline currently operates more than 350 daily flights to over 50 Indian cities and eight international destinations.

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