Shares of SpiceJet were in heavy demand on Wednesday and jumped 20% to hit the upper circuit limit.
The stock rallied amid reports that nearly 3% equity changed hands at the BSE.
On Monday, SpiceJet announced the allotment of 4.81 crore equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding dues of Rs 231 crore.
Shares of the company jumped 19.98% to settle at Rs 39.70 -- its upper circuit limit -- on the BSE.
In volume terms, 247.71 lakh shares of the company were traded on the BSE.
The National Company Law Tribunal (NCLT) on Tuesday suggested that SpiceJet settle the issues with lessors that have sought initiation of insolvency proceedings against it.
SpiceJet on Tuesday said it has received up to three months more time from the Registrar of Companies for holding its annual general meeting for the year ended March 2023.