New Delhi, March 17 (HS): Ajay Singh, founder and promoter of SpiceJet Airlines, will invest an additional ₹294.09 crore in the airline through his promoter group company, Spice Healthcare Private Limited. This will increase the promoter group's stake in the private airline from 29.11% to 33.47%.

In a statement released on Monday, SpiceJet announced that its founder, Ajay Singh, will invest ₹294 crore in the airline by converting warrants into equity shares through the promoter group entity. Following this, the promoter group's stake in the airline will rise to 33.47%. According to the company, Ajay Singh will convert 13,14,08,514 warrants into an equal number of equity shares (13.14 crore equity shares), investing ₹294.09 crore in SpiceJet.

SpiceJet airline's shares surged significantly after recent news, rising 6.4% at the Bombay Stock Exchange (BSE) to ₹48.40, with a 0.6% increase in early trading Monday. Led by Chairman Ajay Singh, the low-cost airline connects 73 destinations from its hubs in New Delhi and Hyderabad.

Hindusthan Samachar / Jun Sarkar