The board of directors of SpiceJet (SG, Delhi International) has approved the allotment of a first tranche of 55,500,000 equity shares and first tranche of 93,300,000 warrants, according to a January 26, 2024, filing with the Bombay Stock Exchange (BSE).

This follows SpiceJet's shareholders approving a INR22.5 billion rupee (USD270.6 million) capital raising earlier this month, later ticked off by the BSE. The capital raising will help reduce liabilities, fund growth, and shore up the LCC's balance sheet.

"The fund infusion will open new avenues for SpiceJet, resulting in a more cash efficient operation, expanded fleet, and network," said SpiceJet MD Ajay Singh.

Entities that will receive share allotments in the first tranche include:

  • All Trade Consultants Private Limited, which will be issued 4,000,000 shares;
  • Amar Alliance Securities Private Limited, which will be issued 1,000,000 shares;
  • Anant Aggarwal, who will be issued 500,000 shares;
  • Ananthkrishna Subramanian Iyer, who will be issued 500,000 shares;
  • Anju Gupta, who will be issued 500,000 shares;
  • Anuj Premkumar Agarwal HUF, which will be issued 500,000 shares;
  • Arjun Juneja, who will be issued 1,000,000 shares;
  • Ashibhadarsh Ventures Private Limited, which will be issued 5,000,000 shares;
  • Ashwin Mehta HUF, which will be issued 500,000 shares;
  • Bhavana Holdings Private Limited, which will be issued 800,000 shares;
  • Biz Secure Labs Private Limited, which will be issued 500,000 shares;
  • Divyanshu Aggarwal, who will be issued 1,000,000 shares;
  • Glaxo Finance Private Limited, which will be issued 1,100,000 shares;
  • Griebs Comosales LLP, which will be issued 1,000,000 shares;
  • Harit Exports Private Limited, which will be issued 500,000 shares;
  • Hello Money Advisors LLP, which will be issued 1,000,000 shares;
  • Indrasinh Sajubha Zala, who will be issued 500,000 shares;
  • Intech Technology DMCC, which will be issued 2,000,000 shares;
  • Jehangir Homi Mehta, who will be issued 500,000 shares;
  • Kapil Garg, who will be issued 1,000,000 shares;
  • Ketan P Kamdar, who will be issued 500,000 shares;
  • KIFS International LLP, which will be issued 3,000,000;
  • Kirti Rungta, who will be issued 200,000 shares;
  • Kollagunta Sreenivasan Gopalaswamy, who will be issued 500,000 shares;
  • LKP Finance Limited, which will be issued 1,000,000 shares;
  • Martina Developers and Fincon Private Limited, which will be issued 200,000 shares;
  • Monika Garware, who will be issued 2,000,000 shares;
  • Morde Foods Private Limited, which will be issued 2,000,000 shares;
  • Mridul Das, who will be issued 500,000 shares;
  • N Ravichandran, who will be issued 500,000 shares;
  • Navin Mahavirprasad Dalmia, who will be issued 500,000 shares;
  • Nexta Enterprises LLP, which will be issued 1,000,000 shares;
  • Nexus Global Opportunities Fund, which will be issued 500,000 shares;
  • Om Apex Investment Services Private Limited, which will be issued 500,000 shares;
  • Prabhudas Lilladher Advisory Services Private Limited, which will be issued 500,000 shares;
  • Priya, which will be issued 500,000 shares;
  • R. Shankari, who will be issued 500,000 shares;
  • Raghav Investment Private Limited, which will be issued 4,000,000 shares;
  • Rajesh K Patel, who will be issued 500,000 shares;
  • Rakesh Gupta, who will be issued 500,000 shares;
  • Rashi Fincorp Limited, which will be issued 500,000 shares;
  • Resonance Opportunities Fund, which will be issued 1,000,000 shares;
  • Ridhi Vincom Private Limited, which will be issued 1,500,000 shares;
  • Rohit Agrawal, who will be issued 500,000 shares;
  • Ruhina Sharma, who will be issued 500,000 shares;
  • Saloni Jesal Shah, who will be issued 2,000,000 shares;
  • Sanjiv Shyam Kela, who will be issued 500,000 shares;
  • Shalini Chandrakant Morde, who will be issued 1,000,000 shares;
  • Shree Shyam Enterprises through Shakuntla Jain, which will be issued 500,000 shares;
  • Shree Shyam Investments through Megha Bhuwania, which will be issued 1,200,000 shares;
  • Vanaja Sundar Iyer , who will be issued 20,00,000 shares;
  • Vikasa India EIF I Fund - Share Class P, which will be issued 500,000 shares;
  • Viney Parkash Aggarwal, who will be issued 500,000 shares; and
  • Vishal Nitin Sampat, who will be issued 500,000 shares.

The shares will be issued at INR5 (USD0.06) each with a face value of INR10 (USD0.12 each). In addition, two parties will take the first allotment of warrants, namely:

  • Elara India Opportunities Fund Limited, which will be issued 83,300,000 warrants; and
  • Silver Stallion Limited, which will be issued 10,000,000 warrants.

The warrants are also issued at a price of INR5 each with a face value of INR10 each. "We are pleased with the completion of the first tranche of our preferential allotment, which demonstrates the confidence of investors in SpiceJet’s growth prospects and we remain committed to completing the further allotment process progressively," said Singh.

Last week's BSE filing notes that SpiceJet is due to complete another tranche of equity/warrants raise from remaining subscribers, as approved by the shareholders. The airline has requested additional time from the BSE to complete the process.