New Delhi, Mar 17 (UNI) Low-cost carrier SpiceJet on Monday said that its founder and promoter will infuse Rs 294.09 crore into the company through the conversion of 13,14,08,514 warrants into an equivalent number of equity shares (13.14 crore equity shares).

This move will increase the consolidated shareholding of the promoter group in SpiceJet from the current 29.11% to 33.47%.

The fresh fund would be infused through promoter group company Spice Healthcare Pvt Ltd.

"Further, Ajay Singh, Promoter of the Company, is disposing upto 3.15 crore equity shares of the company and utilise the proceeds to enable Spice Healthcare Private Limited to partially fund the balance of 75% of the amount at the time of allotment of the equity shares pursuant to exercise of option to convert said warrants," an official release said.

A meeting of the Board/Board Committee of the company will be held shortly to approve the allotment of equity shares pursuant to the exercise of the warrant conversion option.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This fresh infusion reaffirms our unwavering commitment to the airline and its bright future. This investment will further strengthen our financial position and drive growth. SpiceJet has always been a resilient airline and with this fresh capital, we are well positioned to enhance our operations and seize new opportunities.”

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