The company through QIP has invested around Rs. 3,000 crore had been planned, but the offers, reflecting confidence in the airline’s growth prospects, exceeded the amount.
Other notable investors participating in the QIP include family offices Akash Bhansali, Sanjay Dangi, Rohit Kothari, as well as Discovery Fund, Plutus, Jupiter Fund Management, Think Investments, Tata Mutual Fund and Bandhan Bank.
SpiceJet may sell securities to eligible institutional buyers at Rs. A floor price of 64.79 has been fixed. Last week, the company got shareholders’ approval for the same.
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.
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According to DGCA data, SpiceJet’s market share fell to 2.3% in August from around 5.6% in January.
Funds from the QIP will be used for maintenance of the grounded fleet, settlement of liability, new fleet induction and other general purposes.
Earlier this year in January, SpiceJet announced its Rs. 2,250 crore through preferential issue against a funding scheme of only Rs. 1,060 crore, which was announced in December 2023.
SpiceJet had a total fleet size of 64 aircraft as of June 2024, with 36 aircraft or 56.25% of the fleet grounded. This is a result of alleged defaults in payments to aircraft lasers as well as insufficient maintenance due to financial constraints and unavailability. Components and spare parts.
Last month, on August 29, the DGCA had placed the crisis-hit SpiceJet under enhanced surveillance that would increase spot checks and night surveillance to ensure the safety of the airline’s operations.
On Wednesday, SpiceJet shares fell 5.7% on the NSE to Rs. was trading at 69.51.
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