Aviation News

SpiceJet secures Rs 316 cr in additional investment, totaling INR 1060 crore to boost financial strength, ET Infra


Budget carrier SpiceJet has announced the successful raising of an additional INR 316 crore in investments, bringing the total raised amount to INR 1060 crore through its preferential issue. This substantial capital infusion underscores investor confidence in SpiceJet’s future trajectory, heralding a new chapter of growth and resilience for the company in the aviation industry.

The Preferential Allotment Committee of SpiceJet’s Board of Directors, in its meeting on February 21, 2024, greenlit the allotment of 4.01 crore equity shares to two investors, including Aries Opportunities Fund Limited. Moreover, the Committee approved the allotment of 2.31 crore warrants to four investors, including Elara India Opportunities Fund Limited, providing them with the option to convert the warrants into an equivalent number of equity shares.

Ajay Singh, Chairman and Managing Director, SpiceJet, expressed his satisfaction, stating, “SpiceJet has successfully raised a total investment of INR 1060 crore. This significant capital injection reaffirms the faith investors have in SpiceJet’s growth trajectory and bolsters our financial robustness for the future. With this fresh infusion, we are poised to accelerate our expansion initiatives and fortify our operational capabilities.”

He further remarked, “The overwhelming response from investors underscores the immense potential and opportunities that lie ahead for SpiceJet. We are grateful for their confidence, which propels us forward as we navigate the dynamic aviation landscape.”

SpiceJet’s strategic move to augment its financial resources not only enhances its ability to withstand market challenges but also positions the airline to seize emerging opportunities and drive sustainable growth in the aviation sector.

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At the launch ceremony at The Ashok Hotel in New Delhi, ITDC Managing Director MR Synrem said that they are actively seeking new business opportunities while enhancing its current verticals to build on the momentum of its record financial performance last fiscal year. “We aim not only to expand but also to elevate our existing services, exploring new avenues for ITDC’s growth as a company,” he said.

  • Published On Feb 25, 2024 at 10:41 AM IST

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