Low-cost carrier SpiceJet, yesterday, said in a filing to the Bombay Stock Exchange that its shareholders had approved of promoter Kalanithi Maran picking up an additional five per cent equity by infusing about Rs 100 crore into the company. The move will take the overall holding of the promoters in the airline to 48.6 per cent.
SpiceJet informed the BSE that shareholders had approved the allotment of up to 42,900,000 equity shares to Maran on a preferential basis. The filing also said that the board had conducted a postal ballot to give effect to the above decisions. Reflecting the prevailing market conditions, SpiceJet reported a Rs 39.30 crore loss in the December quarter, on the back of a 90 per cent spike in fuel costs which offset a 41 per cent rise in revenues, according to a report by PTI. The airline enjoys 16.3 per cent market share as of January, making it the fourth-largest carrier among the seven airlines and the second largest among the no-frills airlines in the country. The filing further said that the shareholders had also approved the appointment of S. Natarajhen as a whole-time director of the company, to be designated as ‘Executive Director’. Maran, the media baron-turned airline owner, took over as Chairman of SpiceJet in November 2010 after buying out American investor and turnaround king Wilbur Ross. Shares of the company closed at Rs 26.75 apiece, up 3.5 per cent over its previous close on the BSE.
Click here to see the original article>SpiceJet informed the BSE that shareholders had approved the allotment of up to 42,900,000 equity shares to Maran on a preferential basis. The filing also said that the board had conducted a postal ballot to give effect to the above decisions. Reflecting the prevailing market conditions, SpiceJet reported a Rs 39.30 crore loss in the December quarter, on the back of a 90 per cent spike in fuel costs which offset a 41 per cent rise in revenues, according to a report by PTI. The airline enjoys 16.3 per cent market share as of January, making it the fourth-largest carrier among the seven airlines and the second largest among the no-frills airlines in the country. The filing further said that the shareholders had also approved the appointment of S. Natarajhen as a whole-time director of the company, to be designated as ‘Executive Director’. Maran, the media baron-turned airline owner, took over as Chairman of SpiceJet in November 2010 after buying out American investor and turnaround king Wilbur Ross. Shares of the company closed at Rs 26.75 apiece, up 3.5 per cent over its previous close on the BSE.