Spice Jet to issue 3.59 crore shares to Kalanithi Maran

PTI Mumbai | Updated on November 14, 2017

Low-cost carrier Spice Jet today said it will issue over 3.59 crore shares to promoter Mr 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), Spice Jet said, “The board of directors...has decided to issue 3,59,77,616 equity shares of face value Rs Kalanithi Maran, promoter of the company, on preferential basis.”

Spice Jet 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 per cent in today's trading.

Mr Kalanithi Maran, together with his firm Kal Airways, holds 38.16 per cent stake in Spice Jet. He took over as the company's chairman in November last year.

Last month, Spice Jet had said its promoter group firm Kal Airways has pledged 86.17 per cent of its total holding in the company. .

Published on August 26, 2011

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