SpiceJet board approves plans to raise Rs.1,500 crore

Mumbai, Jan 30: Budget passenger carrier SpiceJet plans to raise funds up to Rs.1,500 crore through issue of securities, the company informed the Bombay Stock Exchange (BSE) through a regulatory filing Friday. The decision was taken by the company board Thursday. "To create, issue, offer and allot equity shares, warrants and or any instrument convertible into equity shares whether optionally or otherwise, global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs) for an aggregate amount not exceeding Rs.1,500 crore," the filing said. According to the regulatory filing, the company's board also approved the increase in authorised share capital of the company to Rs.20 crore, comprising 1.5 crore equity shares of 10 rupees each and 50 lakh non-convertible redeemable preference shares of 1,000 rupees each. The company said that it will allot 37.5 lakh non-convertible cumulative redeemable preference shares of Rs.1,000 each to Kalanithi Maran or Kal Airways.