SpiceJet board okays R1,500 cr share sale, Marans off the board

The move comes on the heels of the board on Friday approving the sale of shares valued up to Rs 1,500 crore in the company, following a deal between its current majority owner and a co-founder. SpiceJet’s former promoter Ajay Singh earlier this month agreed to buy a controlling stake from Kalanithi Maran’s Sun Group in a bid to revive the loss-making airline.

SpiceJet said that its board had decided to increase the authorised share capital to Rs 2,000 crore — comprising 1.5 billion equity shares of 10 rupees each and 5 million non-convertible redeemable preference shares of Rs 1,000 each.

SpiceJet’s board also decided to allot up to 3.75 million shares to Kalanithi Maran or one of his group firms.

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