The issue price includes a premium of Rs 51.60 per unit and a discount of Rs 3.19 per share from the floor price.
“Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 7,94,67,27,170 consisting of 79,46,72,717 equity shares to Rs 12,81,68,57,030 consisting of 1,28,16,85,703 equity shares,” the company said in a filing to the exchanges.
In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution to raise up to Rs 3,000 crore.
SpiceJet plans to use the proceeds from the issue for several key objectives aimed at stabilising its “financial health” and resuming full operations.
One of the primary goals is the “payment of statutory dues” amounting to Rs 601.5 crore. These dues include “Tax Deducted at Source (TDS)”, “provident fund”, and “Goods and Services Tax” obligations that have been delayed due to financial constraints. Another major portion of the proceeds, Rs 750 crore, will be allocated to “settlement/payment of certain outstanding liabilities” owed to creditors such as “aircraft and engine lessors, engineering vendors, and financiers”.Also read: Adani Total Gas raises over Rs 3,000 crore from global lenders to expand its city gas network
The company also plans to spend Rs 410 crore on “ungrounding and maintenance of our existing fleet” and Rs 370 crore on “new fleet induction” to expand its operations. This includes “purchase of components, spare parts, and repairs” to bring grounded aircraft back into service and to acquire new aircraft through various leasing models.
Additionally, Rs 118.9 crore will be used for “payment of employees’ dues” and Rs 150.3 crore for “payment of airports and related airport payments”. As of June 2024, the airline has 7,824 full-time employees.
SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft. The shares of SpiceJet closed 3.25% lower at Rs 66.16 on BSE on Friday.
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