Ajay Singh to infuse $61 million in cash-strapped SpiceJet

In an attempt to infuse more funds in cash-strapped airline, Ajay Singh is planning to add $60.85 million into SpiceJet in lieu of fresh equity shares or convertible instruments, or both. Singh’s decision to inject capital came at the meeting of the board of directors, which was called to consider raising fresh funds amid the ongoing financial crisis and legal disputes. “The board, after deliberating over his offer, agreed to issue equity shares and/or convertible securities/equity share warrants on preferential basis in one or more tranches for an amount of INR 500 crore,” the airline said in a statement. “The infusion of funds will