In a recent development reported by The Economic Times, Mumbai-based businessman Harihara Mahapatra and his wife, Preeti Mahapatra, are set to invest Rs 1,100 crore in SpiceJet, marking a significant move to alleviate the financial challenges faced by the flailing airline. The funding initiative is part of a broader plan wherein a consortium of funds and high net-worth individuals will contribute a total of Rs 2,254 crore through convertible warrants and fresh equity shares.
According to the detailed funding proposal reviewed by ET, the Mahapatras’ investment will secure a 19 per cent stake in SpiceJet. Post the conversion of warrants, Aries Opportunities Fund will hold 3 per cent, and Elara Capital will hold 8 per cent.
