New Delhi, September 22, 2005: SpiceJet today announced that their $70 million FCCB issue, slotted for a Luxembourg Stock Exchange will be closed in the first week of October.

SpiceJet has decided to convert some of the funds into equity and thus have reduced the FCCB from $ 90 million to $ 70 million. The company will have their General body meeting on September 30, 2005 to get some approvals before opening up the offers and fixing up the allocations in the first week of October. The FCCB holders will have the option of converting the instrument into equity shares within 10 years at a pre – determined price.

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