SpiceJet board to consider fundraising to cover outstanding liabilities

SpiceJet on Tuesday said its board will meet on Friday to consider options to raise funds as well as to convert certain outstanding liabilities into equity shares of the company.

The no-frills airline, which has been grappling with multiple headwinds, including legal woes, is looking to raise fresh capital through issuance of eligible securities to qualified institutional buyers.

Besides, the carrier plans to issue equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals, according to a filing to the BSE.

Both plans will be taken up by the board of directors during its meeting scheduled for February 24.