January 15, 2024Anmol Nagpal

SpiceJet gets BSE approval to raise funds

SpiceJet has received in-principle approval from the BSE to raise Rs 2,242 crore by issuing shares and warrants convertible into equities on a preferential basis.

Source: SpiceJet

The in-principle approval from BSE will allow SpiceJet to proceed with its fund infusion plan.

Source: Shutterstock

The approval comes on the heels of SpiceJet's 39th annual general meeting held on 10 January, where the members approved the proposal for a fund infusion of Rs 2,242 crore.

Source: ANI

A significant portion of the fund infusion will be used to fuel the airline’s growth, expand its network, bring grounded planes back into operation.

Source: SpiceJet

The company aims to use Rs 360 crore for payment of statutory obligations such as TDS, GST, PF.

Source: ANI

The company will use Rs 285 crore as settlement with creditors for past dues, Rs 355 crore by December 2024 for uplifting and ungrounding of fleet and new fleet acquisition.

Source: Unsplash

SpiceJet will utilise Rs 140 crore for aviation turbine fuel expenses, Rs 54.5 crore for employees and ₹397 crore for general corporate purposes.

Source: Unsplash

In the second tranche, it aims to use ₹144 crore for payment of statutory obligations such as TDS, GST, PF.

Source: Pixabay

SpiceJet will utilise ₹60 crore for jet fuel expenses, ₹24 crore for employees and ₹162 crore for general corporate purposes

Source: Unsplash

The company’s net liabilities stood at ₹12584.9 crore as of September 2023, compared to ₹13147.3 crore in June 2023.

Source: X/viral