Low-cost carrier SpiceJet said on Wednesday that its shareholders have approved proposals to raise R145 crore through issue of debentures and warrants on a preferential basis to promoter Kalanithi Maran.
The budget airline, promoted by Sun Group, is looking for funds for expansion.
About R130 crore would be raised through issue of 14% unsecured compulsorily convertible debentures. Further, by way of allotting warrants with an option to apply for equity shares, the carrier would mop up R15 crore.
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Both proposals have been approved by the shareholders, SpiceJet said in a filing to the BSE.
Shareholders have approved re-designation of S Natrajhen as managing director. Share of the company fell 1.58% on Wednesday to close at R43.50 on the BSE.
