New Delhi, March 19 -- SpiceJet share price rallied over 4% on Wednesday after the company announced the infusion of Rs.294.09 crore by its founder and promoter, Ajay Singh, through M/s Spice Healthcare Private Limited, a Promoter Group Company. SpiceJet shares gained as much as 4.83% to Rs.50.55 apiece on the BSE.

This latest fund raise marks the completion of overall Rs.500 crore equity infusion from SpiceJet Promoter Ajay Singh in the airline.

The capital has been raised through the conversion of 13.14 crore warrants into an equivalent number of equity shares, increasing the consolidated shareholding of the Promoter Group from 29.11% to 33.47%, SpiceJet said in a regulatory filing on March 19.

"This investment will further strengthe...