Spicejet gains as board OKs raising Rs 3,000 cr via QIP

Spicejet advanced 1.83% to Rs 57.76 after its board approved raising of funds aggregating upto Rs 3,000 crore through issue of equity shares or any other eligible securities to qualified institutional buyers (QIP) by way of QIP.

The company?s fund raising is subject to approval of the shareholders of the Company and other applicable regulatory and contractual approvals, as may be required.

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering cargo connectivity across India and on international routes.

The company reported standalone net profit of Rs 119 crore in Q4 FY24, steeply higher than Rs 16.85 crore posted in Q4 FY23. Revenue from operations fell 23.11% YoY to Rs 1571.2 crore during the quarter ended 31 March 2024.

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