SpiceJet to get Rs 400 crore infusion, Ajay Singh plans to pump Rs 1500 by April

NEW DELHI: SpiceJet, under new management control after a rescue led by former promoter Ajay Singh, is likely to get an infusion of Rs 400 crore by Monday, its first since the bailout. This follows approval by Competition Commission of India (CCI) for the deal leading to change in ownership.

"We got the CCI approval yesterday," SpiceJet's acting chief financial officer Kiran Koteshwar told ET on Friday. "We are working to ensure that the change in ownership to Ajay Singh is implemented. Our funds will arrive the moment that is complete." The money is coming from former promoters, the Marans, and it will be in the form of warrants, said people aware of the plan.

Source: http://goo.gl/zPCbV5