Spice Healthcare is exempt from making an open offer to SpiceJet shareholders by the Securities and Exchange Board of India (SEBI). The airline stated in a filing to the BSE on Saturday that this exemption relates to Spice Healthcare’s purchase of extra shares in SpiceJet through the conversion of warrants. In order to increase its interest in SpiceJet by 13.74%, Spice Healthcare, a promoter group firm, plans to purchase 13,14,08,514 more equity shares. According to SEBI regulations, this would typically result in an open offer requirement.
Spice Healthcare’s 13.74% Stake Secures SEBI Exemption with 24-Month Lock-In!
After the warrants are converted, Spice Healthcare will own a 13.74 percent ownership in the airline, which will require an open offer in accordance with Sebi regulations. The exemption granted by the watchdog is contingent upon the entity’s acquisition of shares upon the execution of warrants being locked in for an additional six months, for a total lock-in duration of 24 months. For these kinds of conversions, the lock-in period is typically 18 months.
Spicejet Board Appointment
SpiceJet announced in a different filing that Sonum Gayatri Malhotra has been appointed as an Additional Director with the designation of Independent Director, as agreed by the board. According to a filing, Manoj Kumar has been appointed as an Additional Director designated as an Independent Director of Spice Xpress & Logistics Pvt Ltd, a subsidiary of SpiceJet, by the board. Both appointments are effective as of this coming Saturday. Having trouble Funds are being raised by SpiceJet in order to strengthen its financial situation and fulfill a number of commitments.
