Businessman Harihara Mahapatra and his wife Preeti, based in Mumbai, have announced their plans to invest Rs 1,100 crore in SpiceJet, acquiring a 19% stake in the company. Aries Opportunities Fund will hold 3% while Elara Capital will hold 8% after the conversion of warrants, according to a funding proposal reviewed by ET.
Last week, SpiceJet, facing financial difficulties, revealed that it had received a lifeline in the form of investments totaling Rs 2,254 crore from a group of funds and high net worth individuals.
This investment will be made through the issuance of up to 130 million convertible warrants and 320.8 million fresh equity shares.
