INSUBCONTINENT EXCLUSIVE:
Struggling SpiceJet is in the process of raising funds to boost its financial position and meet various obligations
| Photo: Shutterstock2 min read Last Updated : Sep 14 2024 | 10:43 PM IST
Markets regulator Sebi has exempted Spice Healthcare Pvt Ltd
from making an open offer to SpiceJet shareholders in relation to acquisition of additional shares in the airline.
On conversion of
warrants that were issued to it, Spice Healthcare, a promoter group entity, would be acquiring an additional 13,14,08,514 equity shares in
the airline.
In this regard, SpiceJet had sought an exemption from Sebi with respect to making an open offer for the shareholders of the
airline.
The Securities and Exchange Board of India (Sebi), through an order on Friday, has given the exemption from making the open offer
Spice Healthcare will have an additional 13.74 per cent stake in the airline and that would trigger the open offer requirement under Sebi
norms.
The watchdog has given the exemption subject to the condition that the shares acquired by the entity on exercise of the warrants
will be locked in for an additional 6 months and the total period will be 24 months.
Generally, the lock-in period for such conversions is
18 month.
As per the Sebi order, which has been submitted to the BSE by the airline, Spice Healthcare's additional voting rights from the
conversion of warrants into shares will be frozen for a certain period of time.
In another filing, SpiceJet said its board has approved
the appointment of Sonum Gayatri Malhotra as an Additional Director designated as an Independent Director.
Separately, the board of Spice
Xpress and Logistics Pvt Ltd, a subsidiary of SpiceJet, has cleared the appointment of Manoj Kumar as an Additional Director designated as
an Independent Director of the company, as per a filing.
Both appointments are with effect from Saturday.
Struggling SpiceJet is in the
process of raising funds to boost its financial position and meet various obligations.(Only the headline and picture of this report may have
been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Sep 14 2024
