SpiceJet gets over Rs 900 crore funding, focus on cost-cutting measures
The latest installment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline.
The latest installment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline.
The decision was taken by the company's Board of Directors on Thursday, marking a significant step in bolstering SpiceJet's financial position.
The in-principle approval from BSE allows SpiceJet to proceed with the process of fund infusion, providing the airline with the necessary financial impetus for its growth.
The low-cost carrier, SpiceJet, will issue convertible warrants to 64 allottees, including Prabhudas Lilladher Advisory Services, LKP Finance, Martina Developers, and Fincon.
The Company’s board will meet on December 11 to consider options to raise fresh capital, according to an exchange filing.
The airline will also make efforts to facilitate vaccination for the families of employees going forward, it added.
The company has identified the new planes to be ordered by the airline as a unique opportunity for investment, SpiceJet said.
The application of such a system helps move an aircraft forward or backward without powering its engines or using external tugs.
The service will be available to both door-to-door domestic cargo as well as airport-to-airport domestic services, SpiceJet said in a release.
The airline has also launched new daily non-stop flights connecting Hyderabad with Visakhapatnam, Tirupati and Vijayawada.