SpiceJet to issue warrants to promoters

Low-fare airline SpiceJet plans to issue over 6.4 crore convertible warrants, worth about Rs.125 crore at the current price, to its promoters to raise funds.

The board of directors at a meeting on January 9, decided to issue up to 6,41,69,000 warrants of the face value of Rs.10 each on preferential basis to promoters with the option to apply for and be allotted an equivalent number of equity shares, SpiceJet said in a BSE filing.

Spicejet is gearing up to take on increased competition in the domestic space as new airlines are slated to start operations soon, even as existing rivals beef up service.

Inputs from PTI


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