Big Boost For SpiceJet! Promoter Ajay Singh To Infuse Rs 500 Crore In Cash-Strapped Airline

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Ajay Singh, the promoter of cash-strapped SpiceJet, has decided to infuse Rs 500 crore into the carrier, in lieu of fresh equity shares or convertible instruments, the airline said in a statement on Wednesday.
"The board deliberated on the matter and agreed to issue equity shares and/or convertible securities/equity share warrants on preferential basis to the Promoter and/or the Promoter Group on preferential basis, in one or more tranches for an amount of Rs 500 crore," the company said in a filing.
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