SpiceJet to get 2nd tranche of Rs 400 cr by Wednesday

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Budget carrier SpiceJet is expected to receive the second tranche of Rs 400 crore of the Rs 1,500 crore fund infusion from the new promoter Ajay Singh by Wednesday.

“One tranche (of Rs 100 crore) has been invested. The second tranche, 400 crore, should happen tomorrow or day after,” Singh told.

In late January, SpiceJet board had approved transfer of Maran family’s entire 58.46 per cent stake to Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities.
Under the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore from Singh in a staggered manner by April.

Asked whether financial position of spiceJet was better as compared to last year, Singh said, “much better, it is much more stable now”.

As per the plan, Singh would pump in another Rs 500 crore by March, followed by one more instalment of Rs 500 crore by April end.

With clearance from the Competition Commission of India (CCI) already in place, Singh is now awaiting nod from the Home Ministry for his appointment as director on the board of SpiceJet.

SpiceJet reported a net loss of Rs 275 crore in the three months ended December 2014, mainly on account of lower passenger numbers and a one-time cost of Rs 295 crore.