SpiceJet board approves up to $243 mn share sale plan - Troubled carrier SpiceJet Ltd

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Troubled carrier SpiceJet Ltd said its board has approved selling shares worth up to 15 billion rupees ($242.6 million) in the company, following a deal between its current majority owner and a co-founder leading a rescue plan.

In This Pic : SpiceJet

Pic Courtesy : BCCL

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Ajay Singh, who helped found the airline in 2005, agreed this month to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group in a bid to turn around the money-losing airline.

In This Pic : SpiceJet

Pic Courtesy : BCCL

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SpiceJet has been struggling to pay its bills due to a cash crunch and had briefly grounded planes in December.

In This Pic : SpiceJet

Pic Courtesy : BCCL

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The carrier said on Friday its board had decided to increase the authorised share capital of the company to 20 billion rupees - comprising 1.5 billion equity shares of 10 rupees each and 5 million non-convertible redeemable preference shares of 1,000 rupees each.

In This Pic : SpiceJet

Pic Courtesy : BCCL

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SpiceJet's board also decided to allot up to 3.75 million preference shares to Kalanithi Maran or one of his group firms.

In This Pic : SpiceJet

Pic Courtesy : BCCL