It is a well known fact that the Indian Airlines industry is a huge financial crunch and is looking for resources from outside to bail out from the present scenario.

A daring move by the Marans made eyes turn by most millionaires in the country. Marans have planned to invest Rs 100 Cr into the Spice jet and will pick up an additional 5 per cent equity in the airliner. This is considered as a daring move by the business pundits as major airlines in the country are facing dire consequences due to the financial crunch. Top airlines like the government owned Air India and the Private airliner Kingfisher seem to be undergoing similar bailing out issues.

"Today our board met today and decided to allot 42.9 million preferential shares or 5 percent to the promoters. This will take the overall holding of promoters in the airline to 48.6 percent. This is value terms works out to be Rs 100 Cr," SpiceJet Chief Executive Neil Mills said from New Delhi. In an evening filing to the BSE, SpiceJet said its board has decided to issue and allot up to 42,900,000 equity shares of face value of Rs 10 on a price to be determined as per Sebi norms to Kalanithi Maran on preferential basis subject to the approval of the members of the company and other regulatory approvals. (With inputs from internet: AarKay)