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19 Nov 2024
Low-cost carrier SpiceJet announced on Monday that it has secured ₹3,000 crore through a Qualified Institutional Placement (QIP) from global investors and mutual funds. The airline aims to enhance its reputation for “efficiency and reliability” with this new funding.
Additionally, SpiceJet will receive an extra ₹736 crore from a previous funding round, aiming to bolster its financial stability and support its growth plans. The new capital will be used to enhance operations, expand the fleet, and increase the network to accommodate the rising passenger demand in India.
SpiceJet's stock saw a 7.45% jump during intra-day trading on Monday, reaching ₹71. The QIP, which opened on September 16 and closed on September 18, attracted participation from global investors and mutual funds, including prominent names like Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, and Discovery Global Opportunity Ltd, among others.
With this recent capital infusion, SpiceJet aims to rebuild its reputation for efficiency and reliability, ensuring improved connectivity for passengers across the country.
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