SpiceJet to raise funds, discussion to take place during BOD meeting on 30th June | Business Upturn

SpiceJet to raise funds, discussion to take place during BOD meeting on 30th June

The airline carrier SpiceJet has planned to raise funds through issuance of their equity shares or debt instruments and proposals for the same will be discussed in the companies board meeting on 30th June, 2021.

SpiceJet is the first private company who stepped into Indian Aviation Sector. The main objective for this airline was to provide lowest airfares for the price sensitive consumers.

This proposal came at a time when the airline industry is grappling for a strong headwinds due to the current COVID-19 pandemic that has immensely resulted in less occupancy of passengers in most of the flights.

Earlier this month, the Inter Globe Aviation the parent company of India’s largest airline company “IndiGo” had received a shareholders nod for raising up to Rs 3000 Crore in funding.

In a regulatory filing on late Sunday, the SpiceJet informed that the board of directors will be considering, “options for raising fresh capital through issue of equity shares or debt instruments on preferential or qualified institutions placements basis” during the scheduled meeting on 30th June.

The SpiceJet board of Directors will also be considering the audited standalone and the consolidated financial results for the financial year ended on 31st March, 2021

The company share price gained approximately 2% on the Bombay Stock exchange (BSE) and closed at 79.65 on Monday. The Airline company also told about the combined loss of Rs.762 crore during the first three quarter in the financial year 2021.