SpiceJet allots shares to Wilbur Ross firms after Maran acquisition

Gurgaon-based budget airline SpiceJet has made an allotment of 66,41,280 equity shares of Rs10 each to four Wilbur Ross companies in India. The development follows the acquisition of a 37.5 per cent stake in the air-carrier by South Indian media baron Kalanithi Maran.

The allotment has been made consequence upon the conversion of Foreign Convertible Currency Bonds (FCCB) by the holders, the company said in a filing to the Bombay Stock Exchange.

The company has made an allotment of 66,41,280 equity shares of Rs10 each consequence upon the exercise of conversion option by FCCB holders, SpiceJet said.

Of the 66,41,280 equity shares, WLR Recovery III (India) Ltd has been allotted 3,68,960 equity shares, while WLR Recovery IV/ESC (India) Ltd has been allotted 22,13,760 equity shares.

Similarly, 29,51,680 equity shares have been allotted to India Asset Recovery Fund Ltd, 2,95,168 and 11,06,880 equity shares to WLR and GS (India) Ltd, respectively it said.