SpiceJet gets shareholder nod to raise Rs 2.2K cr by issuing equity
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SpiceJet shareholders on Thursday approved the issue of preferential equity and warrants to 63 major entities which includes Aries Opportunities Fund, the Mahapatra family—Preeti and Harihara Mahapatra— and others.
Preeti and Harihara Mahapatra will own a major stake in the airline; 19.95 per cent and 1.99 per cent respectively. Meanwhile, Aries Opportunities Fund will hold 3.99 per cent share in the low cost carrier.
The airline concluded its annual general meeting (AGM) with its shareholders on January 10. Shareholders have approved a new allotment where 63 entities will cumulatively infuse Rs 2,241.5 crore in SpiceJet. The airline is raising Rs 1,591.5 crore and Rs 650 crore by the issuance of equity and warrants respectively. This equity and warrants will be issued to 58 and five entities respectively on a preferential basis. The 58 entities will get 318.3 million shares in SpiceJet at a price of Rs 50 per share. The other five entities will get 130 million shares in the airline at the same price.
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In the Jammu and Kashmir Assembly elections, the Bharatiya Janata Party (BJP) secured the highest share of votes, although the Congress-National Conference (NC) alliance ultimately won the polls. This was the first election in J&K following the abrogation of Article 370. The Congress-NC alliance is now set to form the government, having secured a majority of seats in the Assembly.
Notably, Independent candidates won more seats than Mehbooba Mufti’s People’s Democratic Party (PDP).
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