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SpiceJet bolsters financial position through an additional fundraising of ₹316 Crore

26 Mar 2024 , 03:16 PM

Demonstrating investor trust, SpiceJet has garnered an additional ₹316 Crore in investments, bringing its total funds raised to ₹1,060 Crore through a preferential issue, according to informed sources.

According to insiders, the collective amount signifies a high level of investor confidence in SpiceJet's future and opens up compelling opportunities for the company.

SpiceJet's Board of Directors approved the distribution of 4.01 crore equity shares to two investors, namely Aries Opportunities Fund Limited, during its Preferential Allotment Committee meeting on February 21, 2024. According to reports, the committee also authorised the issue of 2.31 crore warrants, which provide four investors the opportunity to apply for an equal number of equity shares, including Elara India Opportunities Fund Limited.

SpiceJet is implementing a revival plan. It acquired ₹744 Crore in capital injection early this year, with other subscriptions still seeking regulatory approval. The business has also started the process of raising an additional 1,000 Crore.

Furthermore, the airline has received around ₹1,000 Crore from the government's Emergency Credit Line Guarantee Scheme (ECLGS), with Singh promising to contribute ₹500 Crore.

SpiceJet said earlier in February that it will lay off 1,400 people, or 15% of its workforce, as part of its turnaround and cost-cutting plan.

SpiceJet's Chairman and Managing Director, Ajay Singh, recently spoke with senior executives on the importance of careful spending and announced his personal oversight of big expenditures. According to an internal letter from last month, the airline plans to prioritise fleet improvements, increase on-time performance, and take cost-cutting initiatives to simplify operations. SpiceJet is presently soliciting funds from various investors.

At around 10.22 AM, SpiceJet was trading 5.29% higher at ₹69.05, against the previous close of ₹65.58 on NSE. The counter rose to an intraday high of ₹70.60 in today’s trade.

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