SpiceJet shares surge as airline plans to raise USD 250 million

SpiceJet shares surged around 10 per cent on Wednesday as airline chief Ajay Singh said the company will be raising around USD 250 million in the next couple of months as the budget carrier works on boosting its operations.

Shares opened with a gain of 2.66 per cent and touched an intraday high of Rs 54.88 with a surge of 9.83 per cent from the previous close of Rs 49.9. The counter has gained after two days of consecutive falls. The scrip was trading at Rs 53.89 at the end of the session.

"It is difficult to kill SpiceJet....And we are trying to fix the problems," he said and asserted that the airline's balance sheet will be cleaned up over the next two quarters.

Recently, the airline raised USD 150 million and is looking for more funds.

The airline plans to raise USD 250 million in the next couple of months and there is a bright enough future, Singh said at the CAPA India Aviation Summit in the national capital.

Currently, the carrier has wet leased some aircraft as many of its planes are grounded due to various reasons.

"We will grow our own fleet," Singh, the Chairman and Managing Director of the airline, said.

Singh also said it is critical that India has aviation hubs and "we need to take every possible step" in this regard.