SpiceJet announced on Saturday that its board has approved the issuance and allotment of 48.7 crore equity shares to qualified institutional buyers at an issue price of Rs 61.60 per share. This price includes a premium of Rs 51.60 per share, with a slight discount of Rs 3.19 per share to the floor price, amounting to a total of approximately Rs 3,000 crore.
Following this allotment, according to the company’s regulatory filing, SpiceJet’s paid-up equity share capital has increased from Rs 7,946 crore (79.46 crore shares) to Rs 12,816 crore (128.16 crore shares).
Last week, shareholders approved the plan to raise up to Rs 3,000 crore as the airline battles financial and legal challenges while operating with a reduced fleet. The funds will be used to meet statutory obligations, including clearing Rs 601.5 crore in dues. These include Rs 297.5 crore for Tax Deducted at Source (TDS), Rs 156.4 crore for employee provident fund deposits, and Rs 145.1 crore towards GST payments.
Additionally, the raised funds will be directed towards settling debts owed to aircraft lessors, engineering vendors, and financiers.
On Friday, SpiceJet shares fell by 3.25%, closing at Rs 66.16 on the BSE. The same day, the Supreme Court upheld a Delhi High Court ruling requiring the airline to ground three aircraft engines due to missed payments to lessors, dismissing SpiceJet’s appeal against the September 11 order.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
