The announcement was made before market hours today, 30 January 2015.

Meanwhile, the S&P BSE Sensex was down 219.90 points or 0.74% at 29,461.87.

On BSE, so far 35.74 lakh shares were traded in the counter as against average daily volume of 1.25 crore shares in the past one quarter.

The stock hit a high of Rs 22.75 and a low of Rs 21.95 so far during the day. The stock had hit a 52-week high of Rs 24.10 on 20 January 2015. The stock had hit a 52-week low of Rs 11.10 on 13 August 2014.

The stock had outperformed the market over the past one month till 29 January 2015, surging 16.58% compared with Sensex's 8.34% rise. The scrip had also outperformed the market in past one quarter, advancing 59.12% as against Sensex's 9.53% rise.

The small-cap company has equity capital of Rs 599.45 crore. Face value per share is Rs 10.

SpiceJet's board of directors at its meeting held today, 30 January 2015, taken on record the share sale and purchase agreement dated 29 January 2015 between the company, Mr. Kalanithi Maran, Kal Airways and Mr. Ajay Singh pursuant to which the existing promoter (i.e. Mr. Kalanithi Maran and Kal Airways) have agreed to sell and transfer their entire shareholding aggregating to 35.04 crore equity shares (58.46%) to Mr. Ajay Singh.

The board approved to issue and allot upto 37.50 lakh non-convertible cumulative redeemable preference shares of Rs 1000 each to Mr. Kalanithi Maran and/or Kal Airways on preferential basis. The board also approved to issue equity shares/warrants and/or any instrument convertible into equity shares whether optionally or otherwise/global depository receipts (GDRs)/american depository receipts (ADRs)/foreign currency convertible bonds (FCCBs) for an aggregate amount not exceeding Rs 1500 crore or equivalent currency(ies) to any person or persons, whether or not shareholder of the company.

The board has decided to conduct postal ballot in order to obtain shareholders approval for above purposes.

Further, SpiceJet said that Mr. Kalanithi Maran, Mrs. Kavery Kalanithi and Mr. S. Natrajhen have resigned from the board of the company with immediate effect and the board has accepted the same.

SpiceJet reported a net loss of Rs 310.45 crore in Q2 September 2014, lower than net loss of Rs 559.49 crore in Q2 September 2013. Net sales rose 15.2% to Rs 1435.86 crore in Q2 September 2014 over Q2 September 2013.

SpiceJet is India's second largest airline by domestic passenger share.