Sun Group-promoted SpiceJet said late on Wednesday that it would issue 52.18 million convertible debentures on a preferential basis to its promoters, without disclosing the name of the promoter entity to whom the bonds will be issued.
As per BSE data, Kalanithi Maran and holding company Kal Airways are the promoters of the company with 235.83 million shares or 48.59% stake between them. The company?s total share capital stands at 484.35 million shares. Maran has reached the creeping acquisition limit for the current fiscal by being issue 42.9 million shares earlier this year to take his personal stake up to 16.27%. Kal Airways, from which Maran and his wife Kavery Kalanithi resigned, own 32.32% in SpiceJet. After the conversion of the debentures the promoter group stake will rise to 53.59%.
On Wednesday, the Sun Group said SpiceJet needed capital for expansion and would explore various options for fund raising. The group, however, said a stake sale is not planned as of now.
?We certainly need funds for fleet expansion and whenever there is an attractive opportunity (for partial stake sale), we will look at it. But as of now, there is nothing on the cards,? said SL Narayanan, chief financial officer, Sun Group.
On Thursday, SpiceJet?s shares closed 2.54% lower on the BSE at R36.45.