SpiceJet's Rs 3,000 Crore Share Sale Oversubscribed Amid Financial Woes

SpiceJet, dealing with statutory dues exceeding Rs 601 crore and operating with a reduced fleet, has received strong investor interest for its Rs 3,000 crore share sale to qualified institutional buyers. The raised funds will be used to clear statutory liabilities and settle creditor dues including TDS, provident fund, and GST.

SpiceJet, which faces statutory dues exceeding Rs 601 crore, has seen robust participation for its Rs 3,000 crore share sale to qualified institutional buyers.

Despite operational and financial challenges, the oversubscribed offering includes investments from family offices and institutional funds, such as those belonging to Madhu Kela, Akash Bhanshali, and Bandhan Bank.

Proceeds from the placement will be used to clear statutory liabilities and settle creditors, including TDS, provident fund, and GST dues. Shares of SpiceJet fell by 6.27% to close at Rs 69.10 on the BSE on Wednesday.

(With inputs from agencies.)