Promoter Ajay Singh-led airline SpiceJet said it has completed raising the first tranche of capital infusion worth Rs 744 crore through the allotment of securities on a preferential basis.
SpiceJet, which has been facing multiple headwinds, said in a media statement that its Board of Directors met on January 25 this year and approved the allotment of shares and warrants on a preferential basis.
The raised funds are expected to play a pivotal role in financing operational expansion initiatives, including fleet enhancement, route network expansion, and technological advancements.
“SpiceJet is due to complete another tranche of equity/warrants raise from remaining subscribers and has requested additional time from the competent authority to complete the process under the ongoing preferential issue, as approved by the shareholders of the company on January 10, 2024,” the company said in the statement.
