Investors to infuse Rs 11 billion for 19 per cent stake in SpiceJet

Mumbai-based investors are planning to invest Rs 11 billion for a 19 per cent stake in SpiceJet. Aries Opportunities Fund will acquire a 3 per cent stake and Elara Capital will acquire 8 per cent post the conversion of warrants. As per the airline, the proposal to raise Rs 22.54 billion by issuing up to 130 million convertible warrants and 320.8 million fresh equity sh­ares has been approved. The amount will be used for paying statutory obligations, settling dues with creditors, aircraft ungrounding, etc.