Kalanithi Maran and Kal Airways have increased their stake in the low-cost carrier SpiceJet to 53.48 per cent by acquiring 2.8 per cent equity on conversion of warrants worth over Rs54 crore.
The 15 million warrants, allotted on January 9, 2013, were converted into an equal number of shares by the airline’s two promoters -- Kalanithi Maran and Kal Airways Private ltd.
“These warrants were exercisable for conversion into equity shares within 18 months from the date of allotment,” SpiceJet said in a statement.
Following the conversion, Maran has hiked his stake by 2.19 per cent to 24.24 per cent, while Kal Airways increased its holding by 0.61 per cent to 29.24 per cent, according to a filing to the BSE.