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Friday, Sep 23, 2005

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SpiceJet to close $70-m FCCB issue in October

Our Bureau

Mumbai , Sept. 22

SPICEJET will close its $70-million FCCB issue in the first week of October. The bonds will be listed at the Luxembourg Stock Exchange.

The airline will convert part of the funds into equity. It has reduced the FCCB size to $70 million from $90 million proposed earlier.

According to an official statement, the general body meeting called on September 30 will seek the required approvals before opening the offers and fixing allocations in the first week of October. The FCCB holders will have the option of converting the bond into equity shares within 10 years at a pre - determined price.

SpiceJet had formerly announced that Singapore-based MacRitchie Investments (a wholly-owned subsidiary of Temasek Holdings) and Istithmar, a private equity firm in the UAE, have agreed to invest $20 million in the equity capital of the company. This investment will be made as per the pricing formula laid down by SEBI.

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