SpiceJet board approves up to $243 mn share sale plan

January 30, 2015 10:40

Spicejet's Board of Directors have approve the Maran's entire 58.46% stake sale to Ajay Singh. Spicejet plans to raise Rs 1,500 crore through issue of overseas securities.

Reuters reports that troubled the carrier said its board has approved selling shares worth up to 15 billion rupees ($242.6 million) in the company, following a deal between its current majority owner and a co-founder leading a rescue plan.

Ajay Singh, who helped found the airline in 2005, agreed this month to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group in a bid to turn around the money-losing airline.

SpiceJet has been struggling to pay its bills due to a cash crunch and had briefly grounded planes in December.

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