SpiceJet’s share price surged more than 9% on Tuesday following the airline’s announcement to expand its fleet by inducting 10 new aircraft by November. The airline’s ongoing recovery is bolstered by its recent Rs 3,000-crore Qualified Institutional Placement (QIP) fundraise. By 11:06 am, the stock was trading at Rs 62.6, after hitting an intraday high of Rs 63.
The expansion includes seven leased aircraft and the reintroduction of three grounded planes, with two leased planes already in India for induction on October 10. The full fleet is expected to be operational by mid-November, aiding SpiceJet’s efforts to meet rising travel demand.
This comes after the airline completed its QIP in September whereby it attracted funds from big institutions such as Goldman Sachs, Singapore, Morgan Stanley Asia, and Tata Mutual Fund. The capital was used to pay Rs 71 crore in Goods and Services Tax dues and settle salary arrears.
While recovering, SpiceJet’s debt still remains at Rs 3,700 crore. The airline said it is on track to restore its pre-2019 fleet and regional and international route network.
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Source: Moneycontrol
News Desk
