Spicejet flies higher on allotting 1.5 crore equity shares to promoter

SpiceJet Ltd. | Airlines | Travel & Hospitality | BSE: 500285 | NSE: SPICEJET

03 Dec 2013 Evaluate

Spicejet is currently trading at Rs. 17.60, up by 0.15 points or 0.86% from its previous closing of Rs. 17.45 on the BSE.

The scrip opened at Rs. 17.30 and has touched a high and low of Rs. 17.75 and Rs. 17.30 respectively. So far 1030794 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 50.90 on 07-Dec-2012 and a 52 week low of Rs. 15.50 on 26-Nov-2013.

Last one week high and low of the scrip stood at Rs. 17.90 and Rs. 15.50 respectively. The current market cap of the company is Rs. 942.09 crore.

The promoters holding in the company stood at 52.14% while Institutions and Non-Institutions held 7.59% and 40.27% respectively.

Spicejet has alloted 1.5 crore equity shares, after an equal number of warrants were converted to its promoter Kalanithi Maran at a price of Rs 36.18 per share. These warrants were exercisable for conversion into equity shares within 18 months from the date of allotment.

The amount paid for this purpose aggregated to Rs 54.27 crore, while the proceeds from the current infusion would be utilised towards working capital requirements of the company in accordance with the terms of the issue.

Post allotment, the holding of the promoters has increased to 53.48% in the company. Of total, which Kalanithi Maran individually holds 24.24%, while the balance 29.24% is held by KAL Airways.