SpiceJet Limited’s Board of Directors will meet on July 23, 2024, to discuss raising fresh capital. The plan is to issue securities to qualified institutional buyers, which will help strengthen the airline’s finances.
As of 12:01 pm on July 19, 2024, SpiceJet’s share price was up 1.45%, trading at ₹56.08 on the BSE.
The meeting will consider a Qualified Institutional Placement (QIP) in line with SEBI regulations. Besides the QIP, the board will look at other capital-raising methods, pending necessary approvals from shareholders and regulators.
“This information is for your record,” the company stated in its official communication to the stock exchanges.
SpiceJet’s Financial Performance
On July 15, 2024, SpiceJet announced its Q3 results. The company reported a 17.37% decrease in revenue and a loss of ₹298.62 crore, compared to a profit of ₹110.48 crore in the same period last year. However, revenue grew by 33.99% compared to the previous quarter.
SpiceJet’s Selling, General, and Administrative (SG&A) expenses increased by 4.71% quarter-on-quarter (QoQ) but decreased by 9.04% year-on-year (YoY). Operating income rose by 33.36% QoQ but fell by 132.97% YoY. The earnings per share (EPS) for Q3 is ₹-4.37, a significant decline of 338.8% YoY.
In terms of stock performance, SpiceJet has delivered a 9.34% return over the past week but has seen a decline of 11.39% over the past six months and 3.91% year-to-date. The company’s market capitalization is ₹4,577.94 crore, with a 52-week high of ₹77.50 and a low of ₹28.00.
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