SpiceJet Secures Rs 3,000 Crore Funding Through QIP

SpiceJet has raised Rs 3,000 crore by selling shares to qualified institutional buyers. This funding, involving major foreign entities, will help the airline address financial liabilities. The allotment was made at Rs 61.60 per share, increasing the airline's equity share capital significantly. The funds will target settling dues to creditors and statutory liabilities.

SpiceJet has successfully raised Rs 3,000 crore through the sale of shares to qualified institutional buyers, providing a crucial financial boost for the embattled airline. The fundraising effort attracted significant interest from overseas entities such as Societe Generale, Goldman Sachs, and Nomura Singapore, leading to an oversubscription.

On September 20, the airline's fundraising committee approved the allotment of over 48.70 crore shares at a price of Rs 61.60 per share to more than 80 QIP participants, as per a regulatory filing. This move has increased the company's paid-up equity share capital from Rs 7,94,67,27,170 to Rs 12,81,68,57,030.

The raised funds will be utilized to clear various dues, including those owed to aircraft and engine lessors, engineering vendors, and financiers. SpiceJet is also aiming to address statutory liabilities, which previously could not be met due to financial constraints.

(With inputs from agencies.)