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SpiceJet Secures ₹316 Crore in Additional Funding, Total Raised Now ₹1,060 Crore

26 Mar 2024 , 03:16 PM

SpiceJet secures an additional ₹316 Crore, bringing the total funds raised to ₹1,060 Crore through a preferential share issue. This capital infusion follows the airline's recent announcement of reducing its workforce by 10-15%.

In January, SpiceJet received the first tranche of funds, amounting to ₹744 Crore, through the allotment of securities on a preferential basis. On December 12, 2023, the airline disclosed its plan to raise fresh capital of ₹2,250 Crore through the issuance of securities.

The Preferential Allotment Committee of SpiceJet's Board Directors, meeting on February 21, 2024, approved the allotment of 4.01 Crore equity shares on a preferential basis to two investors, including Aries Opportunities Fund Limited.

The committee also sanctioned the allotment of 2.31 Crore warrants, providing the option to apply for an equivalent number of equity shares, to four investors, including Elara India Opportunities Fund Limited.

The total investment raised is now ₹1,060 Crore, reinforcing investor confidence in SpiceJet's growth prospects, as stated by Ajay Singh, Chairman and Managing Director.

This additional funding aims to support SpiceJet's expansion plans and enhance operational capabilities. In recent quarters, SpiceJet faced financial challenges, resulting in the grounding of several aircraft and the return of leased planes to lessors.

As of February 21, nearly half of SpiceJet's 65 aircraft fleet were grounded, with 35 planes in service and the remaining parked, according to the aircraft fleet tracking website Planespotter.

For feedback and suggestions, write to us at editorial@iifl.com

 

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