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

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

New Delhi: Low-fare carrier Spicejet will raise 1,30 crore by issuing fresh shares to its majority-owner Kalanithi Maran at 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 1,000 crore, were up 8.3% at 26.

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