SpiceJet promoter Ajay Singh to inject Rs 500 crore in struggling airline
SpiceJet promoter Ajay Singh will inject Rs 500 crore into the loss-incurring carrier, in lieu of fresh equity shares or convertible instruments, or both, the airline said in a press release on Wednesday.
Singh’s offer to inject capital came during a board of directors meeting earlier in the day to discuss raising fresh funds amid the ongoing financial crisis and legal disputes.
The board, after deliberating over his offer, “agreed to issue equity shares and/or convertible securities/equity share warrants on preferential basis” in one or more tranches for an amount of Rs 500 crore, said the company.
