SpiceJet Board Greenlights Rs 2,250 Crore Fund Raise through Equity Shares and Warrants

13 Dec 2023 , 12:18 PM

SpiceJet’s board approves raising Rs 2,250 crore through equity shares and warrants via private placement. The airline plans to issue 32.08 crore equity shares at Rs 50 each, representing a 20% discount from the current high of Rs 63.

Additionally, the board greenlights the issuance of 13 crore convertible warrants at Rs 50 per warrant.

The fund infusion aims to boost product presence, expand market reach, and establish a solid financial foundation, as per the company’s exchange filing.

SpiceJet’s chairman & MD, Ajay Singh, emphasizes the significance of the fund raise for strengthening the airline’s financial position and enabling sustained growth in the dynamic aviation sector.

The move follows SpiceJet’s net loss of Rs 428 crore for the quarter ended September, compared to Rs 835 crore in the same period last year.

For feedback and suggestions, write to us at [e-mail]