Shares of SpiceJet rose nearly 5% on July 19 after the airline announced a board meeting on July 23 to discuss raising fresh capital through qualified institutional placement (QIP). This information was shared in a regulatory filing on Thursday.
SpiceJet said its board of directors will meet on July 23 to consider and approve raising fresh capital through issuing securities to qualified institutional buyers via QIP or other methods, as per relevant laws. This fundraising will need shareholder and regulatory approvals.
SpiceJet, a low-cost carrier with a fleet of Boeing 737s and Q-400s, operates many daily flights under the UDAN Regional Connectivity Scheme.
Earlier this week, SpiceJet reported its Q3 and Q4 results for the financial year 2023-24. The airline reported a net loss of ₹300 crore for Q3 but returned to profitability in Q4 with a net profit of ₹119.6 crore.
In the previous year, SpiceJet had a net profit of ₹110 crore in Q3 and a net loss of ₹62 crore in Q4.
Revenue from operations for Q4 2024 was ₹1,571.2 crore, down from ₹2,145 crore in the same quarter last year.
At 11:38 am, SpiceJet shares were trading 2% higher at ₹56.34 on the BSE. The stock has fallen 7% this year but has risen around 90% in the past year, outperforming the Sensex’s 20% return.
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