Mumbai: The promoters of SpiceJet have increased their stake in the low-cost carrier to 53.48 per cent by acquiring 2.8 per cent equity on conversion of warrants worth over Rs 54 crore.
The 15 million warrants, allotted on January 9, 2013, were converted into an equal number of shares by the airline's two promoters -- Kalanithi Maran and Kal Airways Private Ltd.
"These warrants were exercisable for conversion into equity shares within 18 months from the date of allotment," SpiceJet said in a statement.
Following the conversion, Maran has hiked his stake by 2.19 per cent to 24.24 per cent, while Kal Airways increased its holding by 0.61 per cent to 29.24 per cent, according to a filing to the BSE.
"The promoters have earlier in the financial years 2011-12, 2012-13 and 2013-14 infused equity capital to the tune of Rs 130.92 crore, Rs 99.44 crore and Rs 130 crore, respectively," according to the statement.
SpiceJet operates more than 350 daily flights to over 50 Indian cities and eight international destinations. Shares of the company closed at Rs 17.45, down 1.69 per cent, on the BSE.