Unveiling Harihara and Preeti Mahapatra’s Rs 1,100 Cr Boost to SpiceJet
His main focus has been on “organization building and human capital development” since he got his MBA.
Unveiling Harihara and Preeti Mahapatra’s: The Economic Times recently stated that Harihara Mahapatra, a businessman from Mumbai, and his wife, Preeti Mahapatra, are planning to spend Rs 1,100 crore in SpiceJet. This is a big step that will help the struggling airline’s finances. The funding effort is part of a bigger plan in which a group of funds and wealthy people will give a total of Rs 2,254 crore through new equity shares and convertible options.
ET looked at a thorough funding plan that said the Mahapatras’ investment would give them a 19% stake in SpiceJet. After the options are turned in, 3% will be held by Aries Opportunities Fund and 8% by Elara Capital. With this investment, SpiceJet founder Ajay Singh’s present ownership is likely to drop from 56.49 percent to at least 38.55 percent, as long as shareholders agree.
Harihara and Preeti Mahapatra are the founders of Mahapatra Universal Limited, a company based in Mumbai that does business in real estate, infrastructure, consulting, consumer goods, and retail.
Who is Harihara Mahapatra?
The website for Mahapatra Universal Limited says that the company’s Managing Director, Harihara Mahapatra, has been in business for more than 16 years.
His main focus has been on “organization building and human capital development” since he got his MBA.
According to the website, Mahapatra has led projects in a wide range of fields, from manufacturing to banking services.
Mahapatra had plans to make Gujarat the home of the country’s biggest building, but they never came together. Harihara also got in trouble with the law. According to the news, a FIR was filed against him with the Aurangabad police after he scammed a couple out of Rs 5.5 crore for a building project that never happened.
Check Out: Australian fisherman found Missing Malaysian Airlines flight MH370 In Deep Sea
Who is Preeti Mahapatra?
“Founded and Mentored Mahapatra Universal Limited” is what Preeti Mahapatra calls herself. She has a master’s degree in both accounting and export management from the University of Oxford. The website says that she was very important in bringing together several companies into the group.
The website also says that Preeti is in charge of a non-profit group that works on national social issues for the poor, including schooling, housing, crisis relief, and more.
In 2016, with help from the Bharatiya Janata Party (BJP), Preeti ran as an independent candidate in the Rajya Sabha election from Uttar Pradesh but lost to Kapil Sibal, who was the leader of the Congress party at the time. It’s interesting, though, that in her election papers that year, she only listed assets worth Rs 23 crore and debts worth Rs 6 crore.
With their Rs 1,100 crore investment in SpiceJet, the Mahapatra couple is likely to give the airline a much-needed cash boost.
Check Out: Karnataka Bank: Personal Banking, Fixed Deposits, Stocks & Share Price