SpiceJet Board Approves Rs 3,000 Crore Fundraising

SpiceJet's board has approved a plan to raise Rs 3,000 crore through the issuance of securities. The airline, currently facing financial challenges, previously raised significant funds through various means, including preferential share issues. The move aims to bolster its financial stability.

SpiceJet's board has given the green light to raise Rs 3,000 crore through the issuance of securities.

The airline, which has been navigating significant financial hurdles, seeks to secure additional funding. Earlier, it reported a standalone profit of Rs 119 crore for the quarter ending in March.

A regulatory filing confirms that SpiceJet will issue equity shares or other qualified securities to institutional investors through a qualified institutional placement.

(With inputs from agencies.)