Elara India Opportunities Fund Limited has converted 3,466,666 warrants into equity shares in SpiceJet (SG, Delhi International), according to a March 11 Bombay Stock Exchange filing from the airline.

As part of its broader INR22.5 billion rupee (USD271.5 million) capital raising, SpiceJet issued Elara convertible warrants on January 25, 2024. At the time, ch-aviation reported that Elara pocketed 83,300,000 warrants, issued at a price of INR5 (USD0.06) each with a face value of INR10 (USD0.12) each.

Elara then acquired another 6.3 million warrants during a second round of raising capital in February. This week's conversion accounts for 3.86% of Elara's tranche of warrants. SpiceJet's shares are currently trading on the Bombay bourse at around INR52 (USD0.63).

Meanwhile, Indian outlets are reporting that several of SpiceJet's commercial team members, including Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia, have resigned with immediate effect. In a statement, the airline said this was part of the ongoing restructuring process at the carrier.