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Maran to infuse Rs 1,30 cr in Spicejet; stock jumps

Maran to infuse Rs 1,30 cr in Spicejet; stock jumps
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First Published: Tue, Sep 13 2011. 11 01 AM IST
Updated: Tue, Sep 13 2011. 11 01 AM IST
New Delhi: Low-fare carrier Spicejet will raise Rs 1,30 crore by issuing fresh shares to its majority-owner Kalanithi Maran at Rs 36 a share by October, its chief executive said on Tuesday.
The fresh shares will raise Maran’s stake to 43% from 38.7% currently and will help the airline to cover losses and fund expansion, Neil Mills told Reuters.
At 10:26 am SpiceJet shares, valued at almost Rs 1,000 crore, were up 8.3% at Rs 26.
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First Published: Tue, Sep 13 2011. 11 01 AM IST
More Topics: Spicejet | Funds | Kalanithi Maran | Stocks | Markets |