SpiceJet, which has been facing multiple headwinds, on Friday said it has received Rs 744 crore as the first tranche of money raised through allotment of securities on a preferential basis.
On December 12, the airline had said it would raise fresh capital of Rs 2,250 crore through the issuance of securities.
According to a press release, the company’s board of directors on January 25 approved allotment of 5.55 crore shares on preferential basis to 54 subscribers.
The airline has allotted shares and warrants totaling Rs 744 crore on a preferential basis in the first tranche.
The board also approved allotment of 9.33 crore warrants to Elara India Opportunities Fund Ltd and Silver Stallion Ltd.
Meanwhile, the airline has requested additional time from the competent authority to complete the process in the context of the ongoing preferential issue, as per the release.
The extension was requested due to limited banking days resulting from long weekends in the intervening period, the airline said, without disclosing specific dates.
Ajay Singh, chairman and managing director of SpiceJet, said the capital infusion will open new avenues for the airline, resulting in a more cash-efficient operation and expansion of its fleet and network.
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First print: January 26, 2024 | 11:45 PM IST