SpiceJet QIP: Board okays 48.7 crore share allotment to raise Rs 3,000 crore

Struggling low-cost bearer SpiceJet connected Saturday said its committee has approved the issuance and allotment of 48.70 crore equity shares to qualified organization buyers astatine Rs 61.60 per share.

The full magnitude raised from the contented volition beryllium Rs 2,999.99 crore. The low-cost hose is seeking to rise funds to code operational challenges, including a reduced fleet and assorted ineligible and fiscal hurdles.

In a regulatory filing, the hose said the fund-raising committee has “approved the contented and allotment of 48,70,12,986 Equity Shares to eligible qualified organization buyers astatine the contented terms of Rs 61.60 per Equity Share astatine a premium of Rs 51.60 (which includes a discount of Rs 3.19 per Equity Share (4.92 per cent of the level price… aggregating to Rs 2,999,99,99,937.60.”

With this allotment, the airline's paid-up equity stock superior volition summation from Rs 794.67 crore, representing 79.46 crore equity shares, to Rs 1,281.68 crore, representing 128.16 crore equity shares.

“Pursuant to the allotment of Equity Shares successful the Issue, the paid-up Equity Share superior of the Company stands accrued from Rs 7,94,67,27,170 consisting of 79,46,72,717 Equity Shares to Rs 12,81,68,57,030 consisting of 1,28,16,85,703 Equity Shares,” said the low-cost carrier.

The announcement follows shareholder support past week for a superior rise of up to Rs 3,000 crore.

SpiceJet's statutory dues were Rs 601.5 crore arsenic of September 15. The airline's shares dropped 3.25 per cent to closing astatine Rs 66.16 connected Friday.

SpiceJet deed a caller debased with its marketplace stock shrinking by 80 bps to 2.3 per cent (month-on-month) successful August, mostly owed to fiscal woes and accrued grounding, according to the study by Emkay Global Financial Services.