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

SpiceJet's Rs 3,000 crore sale of shares to qualified institutional buyers has received a strong response, despite the airline's financial challenges and statutory dues exceeding Rs 601 crore. The oversubscription includes investors like Madhu Kela, Akash Bhanshali, Sanjay Dangi, and Rohit Kothari. The funds will help address statutory liabilities and creditor settlements.

SpiceJet, facing over Rs 601 crore in statutory dues, has successfully attracted significant interest in its Rs 3,000 crore share sale to qualified institutional buyers.

With a reduced fleet and amidst financial legal struggles, the airline aims to secure funds. Sources disclosed on Wednesday that the qualified institutional placement was oversubscribed, featuring investors like Madhu Kela, Akash Bhanshali, Sanjay Dangi, and Rohit Kothari.

Notably, the proceeds will be used to clear statutory liabilities and settle creditor obligations, including those with aircraft lessors and engineering vendors. There was no official comment from SpiceJet on the matter.

(With inputs from agencies.)