New Delhi/Mumabi: SpiceJet is expected to receive its first tranche of Rs 400 crore funding from new investors led by Ajay Singh on Monday (February 23), company officials told Business Standard. The development comes with the Competition Commission of India (CCI) clearing the change of ownership proposal from Kalanithi Maran to Singh on Thursday.
Singh will now seek a waiver from an open offer under Section 10 of the takeover code from the capital markets regulator, Securities and Exchange Board of India (Sebi). For this, the aviation ministry is expected to write to Sebi.
The new funding will help the low-cost airline clear a large chunk of its Rs 1,400 crore worth of dues, which include Rs 330 crore to state-run Airports Authority of India and about Rs 350 crore to aircraft lessors. Three of the lessors have taken the company to court over delayed payments. In all, SpiceJet is expected to receive Rs 1,500 crore from Singh by April, in line with a revival plan approved by the civil aviation ministry on January 22.
20/02/15 Roudar Bhattacharya & Aneesh Phadnis/Business Standard
Singh will now seek a waiver from an open offer under Section 10 of the takeover code from the capital markets regulator, Securities and Exchange Board of India (Sebi). For this, the aviation ministry is expected to write to Sebi.
The new funding will help the low-cost airline clear a large chunk of its Rs 1,400 crore worth of dues, which include Rs 330 crore to state-run Airports Authority of India and about Rs 350 crore to aircraft lessors. Three of the lessors have taken the company to court over delayed payments. In all, SpiceJet is expected to receive Rs 1,500 crore from Singh by April, in line with a revival plan approved by the civil aviation ministry on January 22.
20/02/15 Roudar Bhattacharya & Aneesh Phadnis/Business Standard
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