Placed under enhanced surveillance, SpiceJet to get Rs 500 cr from promoter

SpiceJet on Wednesday said its promoter Ajay Singh has decided to infuse Rs 500 crore in the airline by subscribing fresh equity shares and/or convertible instruments.

The cash-strapped airline has been under “enhanced surveillance” of the Directorate General of Civil Aviation (DGCA) since June 22 as a “precautionary” measure, the regulator’s officials had said on Tuesday.

Ajay Singh, who is also the chairman and managing director of the airline, said: “I am pleased to announce that I will infuse Rs 500 crore into the company. SpiceJet has a bright future and I am committed to helping it achieve its full potential.”