SpiceJet plans to raise Rs 750 cr via QIP: Report
SpiceJet is planning to raise around Rs 750 crore by selling new shares as the airline is facing liquidity crunch, according to a report in Business Standard.
The airline is considering a qualified institutional placement (QIP) route to raise the money. Under QIP, listed companies can sell shares, fully and partly convertible debentures, or any securities other than warrants to a qualified institutional buyer.
The move comes as the airlines’ operations took a severe hit due to prolonged grounding of the Boeing 737 MAX aircraft. Besides, fare war among rivals has been putting airline’s balance sheet under pressure.
