SpiceJet board seeks shareholder’s approval to raise $300 million
The SpiceJet board on Monday sought shareholder approval to raise fresh capital of up to $301.9 million (Rs 2,500 crore) by issuing securities to qualified institutional buyers.
The company’s plan to raise capital comes as its cash reserves dwindle and new entrant Akasa Air jostles for a share of the market, while rival Air India ramps up its revamp plans with mammoth orders for new aircraft.
Shares of SpiceJet jumped as much as 6.4 per cent on the announcement.
