Maran to infuse 1.3 billion rupees in SpiceJet

Source : REUTERS
Last Updated: Tue, Sep 13, 2011 06:36 hrs
Maran to infuse 1.3 bln rupees in SpiceJet

Low-fare carrier SpiceJet will raise 1.3 billion rupees by issuing fresh shares to its majority-owner Kalanithi Maran at 36 rupees a share by October, its chief executive said on Tuesday.

Gold as an investment

The fresh shares will raise Maran's stake to 43 percent from 38.7 percent currently and will help the airline to cover losses and fund expansion, Neil Mills told Reuters.

Home sales drop

At 10:26 am SpiceJet shares, valued at almost 10 billion rupees, were up 8.3 percent at 26 rupees.

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