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Ajay Singh injects Rs.294-Cr into budget airline SpiceJet; promoter stake rises to 33%

Economic Times  

Listed budget airline SpiceJet will receive approximately INR 294 crore from founder Ajay Singh, boosting the promoter group shareholding to over 33%. Singh's capital infusion aims to strengthen the airline's financial position and support growth. This follows his sale of a 1% stake and the airline's successful QIP (qualified institutional placement) with participation from major funds.Singh will infuse the fresh capital through conversion of 13.14 million warrants into an equal number of equity shares.