Spicejet to issue 18.91 crore warrants to promoters

The Board of Directors of Spicejet Ltd at its meeting held on August 21, 2014, has decided to raise funds, subject to the approval of the shareholders of Spicejet Ltd as per the provisions of the Companies Act, 2013 read with provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI ICDR Regulations") and such other approvals, consent, etc. as may be required in this regard.

The Board approved the increase in the authorised share capital of the Company from existing Rs. 1,000 crore divided into 100 crore equity share of Rs. 10 each to Rs. 1,500 crore divided into 150 crore equity share of Rs. 10 each.

The Board approved proposal to create, offer, issue and allot upto 18.91 crore Warrants convertible into equivalent number of equity shares, in various tranches, to the Promoters of the Company, on preferential basis at a price to be determined as per SEBI ICDR Regulations.

The Board further decided to seek approval of the shareholders in accordance with extant provisions of the Companies Act, 2013 and other applicable rules and regulations.

Shares of SPICEJET LTD. was last trading in BSE at Rs.14.56 as compared to the previous close of Rs. 14.09. The total number of shares traded during the day was 3859655 in over 10283 trades.

The stock hit an intraday high of Rs. 14.83 and intraday low of 14.2. The net turnover during the day was Rs. 56542908.

Source : Equity Bulls

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