SpiceJet share price gains over 4% as promoter Ajay Singh completes ₹500 crore equity infusion into airline | Stock Market News
SpiceJet share price rallied over 4% on Wednesday after the company announced the infusion of ₹294.09 crore by its founder and promoter, Ajay Singh, through M/s Spice Healthcare Private Limited, a Promoter Group Company. SpiceJet shares gained as much as 4.83% to ₹50.55 apiece on the BSE.
This latest fund raise marks the completion of overall ₹500 crore equity infusion from SpiceJet Promoter Ajay Singh in the airline.
The capital has been raised through the conversion of 13.14 crore warrants into an equivalent number of equity shares, increasing the consolidated shareholding of the Promoter Group from 29.11% to 33.47%, SpiceJet said in a regulatory filing on March 19.
“This investment will further strengthen the company’s financial position, drive growth, and enhance our operations. We are well-positioned to seize new opportunities and continue to deliver value to our customers and stakeholders,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
On March 17, SpiceJet had announced that Ajay Singh, through a promoter group company- Spice Healthcare Private Limited- will infuse ₹294.09 crore into the company through the conversion of 13,14,08,514 warrants into an equivalent number of equity shares.
The conversion of warrants into shares will increase the consolidated shareholding of the promoter group in SpiceJet from the current 29.11% to 33.47%.
SpiceJet Stock Price Performance
SpiceJet share price has gained 15% in one month, but the airline stock has fallen 10% on a year-to-date (YTD) basis. SpiceJet shares have declined 26% in six months and have dropped over 15% in the past one year. However, the airline stock has gained 50% in two years.
At 12:55 PM, SpiceJet shares were trading 3.44% higher at ₹49.88 apiece on the BSE.
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