Ajay Singh Increases Stake in SpiceJet

SpiceJet's founder-promoter, Ajay Singh, is set to increase his stake in the airline from 29.1% to 33.5%. This move involves an infusion of Rs 294.1 crore through Spice Healthcare Pvt Ltd, a promoter group company. The funding will be facilitated by converting 13.1 crore warrants into an equivalent number of equity shares.

Strategic Financial Move

Ajay Singh, the Chairman and Managing Director of SpiceJet, expressed his commitment to the airline's future. "This fresh infusion reaffirms our unwavering commitment to the airline and its bright future. This investment will further strengthen our financial position and drive growth," Singh stated. He also mentioned that SpiceJet is well-positioned to enhance its operations and seize new opportunities with this fresh capital.

Board Meeting to Approve Allotment

A meeting of the board or board committee of SpiceJet is scheduled to be held on or before March 18, 2025, to approve the allotment of equity shares following the exercise of the warrant conversion option. This step is part of SpiceJet’s ongoing turnaround strategy, marking a significant milestone in the airline's efforts to strengthen its financial foundation and operational capabilities.