SpiceJet board has issued 48.7 crore shares under QIP at a price of ₹ 61.60/share. According to information given in the exchange filing, among the big investors, Morgan Stanley Asia, ITI Funds and Goldman Sachs have received shares.
Let us tell you, SpiceJet had decided to raise funds of about Rs 3000 crore through QIP to deal with financial challenges. Demat credit of new shares under QIP has been fixed on 24 September.
Where will the funds be used?
Some time ago, the company had said in an exchange filing that SpiceJet will use these funds to settle debts. In total, the airline has to pay Rs 3,700 crore to lessors, engineering vendors and suppliers and Rs 650 crore in statutory dues.
SpiceJet’s operations slow down amid financial troubles
The airline once had 74 aircraft, but due to lack of funding, only 28 are in operation. While 36 aircraft have been grounded.
In an investor presentation on September 6, SpiceJet cited several factors for its troubles, including rising fuel costs, delayed payments leading to grounding of aircraft, and ongoing legal battles with lessors.
