The board of budget airline SpiceJet Ltd has decided to raise its authorised share capital by ₹500 crore.
According to an announcement on the BSE on Thursday, SpiceJet will increase the authorised share capital from ₹1,000 crore (divided into 100 crore equity shares of ₹10 each) to ₹1,500 crore (divided into 150 crore equity shares of ₹10 each).
In the filing, the company said its board has also decided, subject to statutory approvals, to issue up to 18.91 crore warrants, in various tranches, to the promoters, on a preferential basis.
These will be convertible into an equivalent number of equity shares. The price will be determined according to SEBI regulations.
The promoter group (Sun TV Network promoter Kalanithi Maran and KAL Airways) currently holds a 53.48 per cent stake in the company and the balance is with the public, including institutional and individual investors.