Businessman Harihara Mahapatra and his wife Preeti, based in Mumbai, have announced their plans to invest INR 11,000 million in SpiceJet Limited (BSE:500285), acquiring a 19% stake in the company. Aries Opportunities Fund will hold 3% while Elara Capital will hold 8% after the conversion of warrants, according to a funding proposal reviewed by ET. Last week, SpiceJet, facing financial difficulties, revealed that it had received a lifeline in the form of investments totaling INR 22,540 million from a group of funds and high net worth individuals.

This investment will be made through the issuance of up to 130 million convertible warrants and 320.8 million fresh equity shares. Upon approval from shareholders, promoter Ajay Singh's current shareholding in the airline will decrease from 56.49% to at least 38.55%. As of now, 37.9% of Singh's stake is pledged with various banks.

Harihara Mahapatra and his wife are the promoters of Mahapatra Universal Limited, a group based in Mumbai.