SpiceJet board to consider raising fresh capital

Spicejet informed in an exchange filing that its board will meet on Wednesday, July 12, to consider options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis.

According to the statement, the capital raising is contingent to shareholder approval and receiving all necessary regulatory permissions.

In the meantime, the Supreme Court on Friday ordered the low-cost airline to pay former promoter Kalanithi Maran the entire arbitral sum of ₹380 crore in their legal dispute.

The struggling airline is experiencing a dire financial crisis and has suffered significant losses due to COVID-19.

SpiceJet's combined net loss for the first three-quarters of FY23 was ₹1,507 crore. Results for the fourth quarter have not yet been made public.

In FY19, it reported a combined net loss of ₹302 crore, followed by losses of ₹937 crore, ₹1,030 crore, and ₹1,744 crore in FY20, FY21, and FY22.