Highlights

Spicejet board to meet on July 12 to consider options for raising fresh capital
The struggling airline is experiencing a dire financial crisis
SpiceJet's combined net loss for the first three-quarters of FY23 was ₹1,507 crore

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SpiceJet board to consider raising fresh capital

Name: SpiceJet board to consider raising fresh capital
Uploaded: 2023-07-10T12:46:28.000+05:30
Duration: T00M28S
Channel: Editorji News Desk
Description: SpiceJet board may decide to raise further funds, as the airline struggles with a cash crunch

SpiceJet board may decide to raise further funds, as the airline struggles with a cash crunch

Updated: Sep 02, 2022 10:53

Editorji News Desk

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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.

Frequently Asked Questions

What is the SpiceJet board meeting to consider?❯

The SpiceJet board is meeting to consider options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis.

What must happen for SpiceJet's capital raising to proceed?❯

How much does SpiceJet have to pay Kalanithi Maran?❯

What was SpiceJet's combined net loss for the first three-quarters of FY23?❯

Why is SpiceJet looking to raise funds?❯