Low-cost airline SpiceJet has announced that its board of directors have approved the allotment of over 34.66 lakh equity shares to Elara India Opportunities Fund Limited. According to an exchange filing, these shares, with a face value of Rs 10 each, have been allotted at an issue price of Rs 50.

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"The Preferential Allotment Committee of the Board of Directors of the Company has considered and approved allotment of 34,66,666 equity shares of the face value of Rs 10 each at an issue price of Rs 50 each to Elara India Opportunities Fund Limited consequent," the company said in an exchange filing.

Meanwhile, the stock value of SpiceJet dropped by close to 10 per cent during Tuesday's trading session following the announcements of two top-level executives stepping down.

SpiceJet's stock commenced trading today at Rs 60.57 per share on the BSE.

As layoffs at SpiceJet continue, Chief Commercial Officer Shilpa Bhatia and Chief Operating Officer Arun Kashyap have left the company.

Following the recent fund infusion, SpiceJet since last month has initiated several measures, including manpower rationalisation.

“This is aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore,” the airline spokesperson had claimed.

“As part of SpiceJet's strategic restructuring, several members of the commercial team including the Chief Commercial Officer have left the company with immediate effect. The Company continues to see significant growth in revenue and load factor. With the recent fund-raise, SpiceJet has speeded up the process of resolution of all past disputes,” said the airline in a statement on Tuesday.

SpiceJet recently secured investments of Rs 1,060 crore through a preferential issue, with notable investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited.