SpiceJet receives BSE approval to raise funds - Check details

Low-cost carrier SpiceJet has received in-principle approval from the BSE for the issuance of equity shares and warrants convertible into equity shares on a preferential basis. This will help the company to raise Rs 2,242 crore.

The approval comes after the SpiceJetʹs 39th Annual General Meeting (AGM) where the members approved the proposal for a fund infusion of Rs 2242 crore. The AGM was held on January 10.

Ajay Singh, chairman and managing director of SpiceJet, said, that the fund infusion will be a crucial step for SpiceJet.

ʺThe in‐principle approval from BSE for the fund infusion is a crucial step for SpiceJet as we embark on a journey to enhance our capabilities and strengthen our position in the Indian aviation sector. We believe the fund infusion will open new avenues for SpiceJet, enabling us to capitalise on potential opportunities and contribute to the growth of the aviation sector in India,” he was quoted as saying in an exchange filing.

Meanwhile, SpiceJet has got exclusive rights to operate flights to Lakshadweep. 

Singh said that the carrier is set to launch flights to Agatti Island, the sole airfield in the region, eliminating the current route through Kochi.

The airline will also operate a special flight from the national capital to Ayodhya on January 21 to fly people attending the consecration ceremony at the Ram temple.