SpiceJet Limited (BSE:500285) announced a private placement of convertible debentures and/or warrants convertible into up to a maximum of 52,177,000 shares with the company's promoter on November 21, 2012. The company will issue the securities on preferential basis. After conversion of the securities, the promoter group stake will increase its stake in the company to 53.59%. The transaction was approved at the company's board of directors meeting.

On December 26, 2012, the shareholders of the company approved the transaction through a postal ballot. The company will issue 14% unsecured compulsory convertible debenture to Kalanithi Maran, promoter of the company on preferential basis, for INR 1,300,000,000. The company will also issue warrants to Kalanithi Maran for INR 150,000,000. The company will raise total gross proceeds of INR 1,450,000,000. As a result of the transaction, the investor's stake in the company will increase from 38% to 43%.

On December 31, 2012, the company announced that it has issued 12,650,000 debentures at a price of INR 100 per debenture, for gross proceeds of INR 1,265,000,000 to Kalanithi Maran.

On January 4, 2013, the company announced that it has issued additional 350,000 debentures at a price of INR 100 per debenture, for gross proceeds of INR 35,000,000 to Kalanithi Maran.

On January 9, 2013, SpiceJet Limited closed the transaction. The company issued 15,000,000 warrants at INR 36.18 per warrant to Kalanithi Maran in the final tranche. The company received 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. If the investor is not able to pay the 75% within the maturity period then the warrants will expire and the upfront payment paid shall be forfeited. The company raised aggregate proceeds of INR 1,435,675,000 in the transaction.