MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Wednesday, 17 April 2024

SpiceJet raises additional Rs 316 crore through preferential share issue

The additional funding will help SpiceJet to pursue its expansion plans and enhance its operational capabilities

Our Special Correspondent New Delhi Published 23.02.24, 12:46 PM
Representational image.

Representational image. File

Budget carrier SpiceJet on Thursday said it has secured an additional Rs 316 crore, taking its total funds raised to Rs 1,060 crore through a preferential share issue.

“The company has raised a total investment of Rs 1,060 crore. This significant capital infusion reaffirms investor confidence in SpiceJet’s growth prospects and strengthens our financial position for the future,” said Ajay Singh, chairman and managing director of SpiceJet.

ADVERTISEMENT

The additional funding will help SpiceJet to pursue its expansion plans and enhance its operational capabilities, he added.

The Preferential Allotment Committee of SpiceJet’s board of directors convened on February 21 and approved the allotment of 4.01 crore equity shares on a preferential basis to two investors, including Aries Opportunities Fund Limited.

Additionally, the committee sanctioned the allotment of 2.31 crore warrants, offering the option to apply for and be allotted an equivalent number of equity shares, to four investors, including Elara India Opportunities Fund Limited, the airline said.

The fresh capital infusion in the struggling airline comes amid its recent announcement of slashing its workforce by 10-15 per cent.

In January, SpiceJet had received Rs 744 crore as the first tranche of funds through the allotment of securities on a preferential basis.

RELATED TOPICS

Follow us on:
ADVERTISEMENT