SpiceJet Infuses Rs 294 Crore to Fuel Comeback Amid Financial Resurgence

SpiceJet's Founder Ajay Singh is set to inject Rs 294.09 crore into the airline through equity shares conversion, boosting Promoter Group's stake to 33.47%. The move aims to drive growth and financial stability, following significant fundraising and the resolution of employee wage delays and GST obligations.

SpiceJet's Founder and Promoter, Ajay Singh, announced a strategic infusion of Rs 294.09 crore into the airline by converting 13.14 crore warrants into equity shares, set to bolster the Promoter Group's shareholding from 29.11% to 33.47%.

Ajay Singh plans to divest up to 3.15 crore equity shares, using the proceeds to support Spice Healthcare Private Limited in funding the remaining 75% for warrant conversion. This move highlights the Promoter Group's confidence in SpiceJet's growth trajectory.

The Board is expected to approve the share allocation by March 18, 2025, fortifying SpiceJet's financial status as the company rebounds from financial strain. Recent developments, including settling employee salaries and GST dues, signify SpiceJet's recovery strategy, underpinned by a successful Rs 3,000 crore QIP investment initiative.

Amid these positive changes, the airline is focusing on expanding its fleet and route network, positioning itself to regain competitive ground in the aviation sector. The resolution of financial challenges has brought optimism among employees and a renewed commitment to the airline's ambitious goals.

(With inputs from agencies.)