SpiceJet Shareholders Approve Rs 3,000 Crore Fundraising Plan

SpiceJet's shareholders have greenlit a proposal to raise Rs 3,000 crore through securities issuance, a move aimed at helping the airline overcome financial and operational hurdles. The funding will be sought via Qualified Institutional Placement and other methods. Following the announcement, SpiceJet's shares increased by 8%.

In a significant development, SpiceJet announced on Thursday that its shareholders have approved a proposal to raise up to Rs 3,000 crore through the issuance of securities.

The low-cost airline, which is currently facing numerous challenges including financial issues, legal battles, and grounded aircraft, aims to utilize the raised funds to meet various obligations.

According to a regulatory filing on Friday, the shareholders gave their nod for a special resolution to secure up to Rs 3,000 crore via Qualified Institutional Placement (QIP) and other financing options. Notably, shares of SpiceJet surged 8%, closing at Rs 71.66 on the BSE.

(With inputs from agencies.)