SpiceJet concludes Rs 3,000 Crore fundraising via QIP today

SpiceJet is set to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP) that closes today. The airline is offering shares at Rs 61.60 each, which represents a 4.92% discount from SEBI's floor price of Rs 64.79. This price is also 20.81% lower than SpiceJet's previous closing price of Rs 77.79 on the NSE.

The QIP, managed by DAM Capital Advisors Ltd., includes a base size of Rs 1,500 crore with an option to increase by an additional Rs 1,500 crore, potentially reaching a total of Rs 3,000 crore (around $358 million). The funds are intended to address SpiceJet's financial and operational difficulties, particularly its Rs 3,700 crore owed to lessors, vendors, and suppliers, as well as Rs 650 crore in unpaid statutory dues.

The airline, which once operated 74 aircraft, now only has 28 in service, with 36 planes grounded due to unpaid dues. The QIP is expected to dilute around 38% of the post-issue paid-up equity share capital, with the new shares set to be credited on Sept. 24.

SpiceJet’s financial issues, including rising fuel costs, grounded planes, and legal disputes, led to this fundraising effort, approved by shareholders on Sept. 13. During trading, SpiceJet’s stock dropped by as much as 6.35% to Rs 72.85 per share, closing 4.26% lower at Rs 74.48, while the Nifty 50 fell by 0.06%.

Read more :

No related blogs available.