Spicejet Ltd to consider issue of 64169000 warrants to promoters

The Board of Directors of Spicejet Ltd at its meeting held January 09, 2014, has decided to issue upto 64,169,000 Warrants having option to apply for and be allotted equivalent number of equity shares of the face value of Rs.10 each to the Promoters of the Company, on preferential basis on a price to be determined as per SEBI ICDR Regulations.

The Board further decided to conduct postal ballot exercise pursuant to Section 192A of the Companies Act, 1956 read with Companies (Passing of Resolution by Postal Ballot) Rules, 2011 to give effect to the above and other business of empowering the Board of Directors to borrow in excess of paid-up capital and free reserves of the Company.

Shares of Spicejet Ltd was last trading in BSE at Rs.19, down by Rs.0.55 or 2.81%. The stock hit an intraday high of Rs.19.90 and intraday low of Rs.18.85.

The total traded quantity was 35.66 lakh shares as compared to 2 week average of 50.09 lakh shares.

Source : Equity Bulls

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