SpiceJet on Thursday said its shareholders have issued securities worth Rs. 3,000 crore has been approved. The no-frills carrier – which has been grappling with financial challenges, legal battles and several difficulties including aircraft grounding – is looking to raise funds that will help it meet various obligations.
In a regulatory filing on Friday, the airline said shareholders have received Rs. have given their approval for a special resolution to raise funds up to Rs 3,000 crore.
It is proposed to raise funds through Qualified Institutional Placement (QIP) and other options.
SpiceJet, which had a fleet of 74 aircraft in 2019, currently operates around 20 aircraft.
Shares of the airline rose 8 percent on the BSE to Rs. closed at 71.66.
(You can now subscribe to our ETMarkets WhatsApp channel)