SpiceJet’s board will meet on July 23 to discuss raising funds through a Qualified Institutional Placement (QIP).
Shares of SpiceJet rose nearly 5% in early trading on Friday after the news, but later settled at ₹56.38 on the BSE, 1.99% higher than Thursday’s close.
“We want to inform you that a meeting of the board of directors of SpiceJet Limited will be held on July 23, 2024 (Tuesday), to consider and approve raising fresh capital through a QIP under the Sebi (Issue of Capital and Disclosure Requirements) Regulations 2018 and other methods,” the company said in a statement to exchanges on Thursday.
Earlier this week, SpiceJet Chairman Ajay Singh said the airline was looking for ways to raise new funds to support its growth plans and benefit from the growing demand in the Indian aviation market.
SpiceJet urgently needs fresh funds as the airline has defaulted on aircraft lease rentals to lessors, salary payments, and statutory dues like PF and TDS.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
