SpiceJet shares fly higher after aviation firm allots 4.8 crore shares to lessors

Shares of SpiceJet are soaring higher, jumping 5.08 per cent up at Rs 32.70 each in early morning deals on Tuesday (September 5, 2023) a day after the low-cost carrier announced that it had allotted over 4.8 crore shares to its nine aircraft lessors to clear outstanding dues worth around Rs 231 crore. The company saw a spurt in volume by more than 1.25 times early on Tuesday. 

A total of 7,52,159 shares were bought, while 16,18,156 shares were sold by 9:35 am.

SpiceJet is aiming to restart the operations of around one-fourth of its fleet, which has been grounded amid a lack of funds and rising competition in the aviation industry.

The small-cap company's shareholders on Thursday passed many resolutions, including a Rs 2,500 crore fundraising and a preferential issue of shares to lessors to clear the company's outstanding dues.

The company suffered a heavy blow two weeks ago when the Delhi High Court ordered it to pay around Rs 100 crore by September 10 to one of its former promoters, Kalanithi Maran.