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.
SpiceXpress aims to provide the first mile pick up and last mile delivery to carry COVID 19 vaccines across the domestic and international markets in a temperature-controlled environment.
It had earlier touched a high of Rs 106, up by 6.37 per cent, during early hours of the trade.
The airline's cargo division has a dedicated fleet of 17 freighter aircraft and is capable of flying cargo to both domestic and a wide list of international destinations.
Last month, SpiceJet had launched a seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat.
The US FAA on Wednesday paved the way for the MAX aircraft to return to commercial service after a comprehensive and methodical safety review process that stretched for 20 months.