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

NEW DELHI: Budget carrier SpiceJetBSE 1.46 % 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 PTI.

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".
Source: http://goo.gl/Zd7slb