The Securities and Exchange Board of India (SEBI) has granted Spice Healthcare an exemption from making an open offer to SpiceJet shareholders. This exemption relates to Spice Healthcare’s acquisition of additional shares in SpiceJet through the conversion of warrants, the airline said in a filing to BSE on Saturday.
Spice Healthcare, a promoter group entity, will acquire 13,14,08,514 additional equity shares of SpiceJet, increasing its stake by 13.74%. This would ordinarily trigger an open offer requirement under SEBI regulations.
However, SEBI’s exemption is granted on the condition that the newly acquired shares will be locked in for an extended period of 24 months, compared to the usual 18-month lock-in period.
SpiceJet gets new Additional Director
In a separate development, SpiceJet’s board has appointed Sonum Gayatri Malhotra as an Additional Director, designated as an Independent Director, it said in another filing.
Moreover, the board of Spice Xpress and Logistics, a SpiceJet subsidiary, has appointed Manoj Kumar as an Additional Director, also designated as an Independent Director. Both appointments are effective as of Saturday.