SpiceJet shares jumped nearly 6% in early trade after the airline announced a fresh capital infusion of ₹294.09 crore by its Promoter Group, led by Founder and Chairman Ajay Singh. The move comes through M/s Spice Healthcare Private Limited, which has exercised the conversion of 13.14 crore warrants into equity shares. This increases the Promoter Group’s stake in the airline from 29.11% to 33.47%.
The additional investment underscores the continued confidence of the Promoter Group in SpiceJet’s long-term growth and turnaround strategy. The company stated that the capital infusion would enhance its financial position and enable operational expansion.
To facilitate the balance payment required for warrant conversion, Ajay Singh plans to dispose of up to 3.15 crore equity shares, using the proceeds to fund part of the ₹294.09 crore investment.
A board meeting is scheduled to be held on or before March 18, 2025, to approve the allotment of equity shares pursuant to the warrant conversion. This development is a crucial step in the airline’s recovery efforts, as it seeks to strengthen its financial standing amid ongoing operational restructuring.
Ajay Singh Sells Nearly 1% Stake for ₹52 Crore
On Friday, Managing Director and Promoter Ajay Singh divested nearly a 1% stake in SpiceJet for ₹52 crore through an open market transaction. Singh sold over 1.15 crore shares, amounting to a 0.9% stake, according to bulk deal data on the BSE.
The shares were disposed of at an average price of ₹45.34, taking the total transaction value to ₹52.31 crore. This partial divestment aligns with Singh’s earlier plans to utilize funds for warrant conversion.
With these developments, SpiceJet shares are expected to remain in focus as the airline progresses with its capital restructuring and operational turnaround.
