Tuesday, January 27, 2015

SpiceJet rescue plan: Second tranche of Rs 400 cr to come in by February 15

SpiceJet's new promoter Ajay Singh has invested the first tranche of Rs 100 crore over this weekend and now, the next important date in the airline's survival saga is February 15. As per the recapitalisation plan of Singh, which has been approved by the Ministry of Civil Aviation last week, three important investment related events are expected by then. Singh and a consortium of investors has promised a total of Rs 1500 crore investment in the cash strapped airline in tranches.

1) The second tranche of Rs 400 crore investment from Singh and company is slated to come in by February 15
2) Outgoing promoters, the Marans, are expected to complete conversion of some warrants for a total sum of close to Rs 300 crore by then.
3) Additionally, the Marans are also expected to pay close to Rs 370 crore in redeemable instruments in two tranches, the first of which is due by February 15. By this date, the Marans are to pay Rs 320 crore.
27/01/15 First Post
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