Public Market

Secondary Issues

SpiceJet raises addl Rs.316-Cr

Mint  

Listed low-cost carrier SpiceJet has attracted an additional INR 316 crore in funding, bringing the total raised through its preferential issue to INR 1,060 crore.The airline will issue 40.1 million equity shares to two investors on a preferential basis. Of these, Aries Opportunities Fund Ltd was allocated 40 million shares, and Payal Nitin Magiya received 100,000 shares. The company will also allot 23.1 million warrants convertible into an equal number of equity shares to four investors. This includes 6.3 million warrants to Elara India Opportunities Fund Ltd, 5.0 million warrants each to Jyoti Gupta and Mayur Gupta, and 6.8 million warrants to Arunim Purkayastha.The airline plans to use the funds to reduce liabilities accumulated during the pandemic and also to clear statutory liabilities.