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 has been regularly deploying its B737 and Q400 passenger aircraft to carry cargo in the passenger cabin.
These slots, under the air bubble pact, will later be extended to operate regular flight services once international flight services are resumed.
1. The emergency directive was "prompted by four single-engine shutdowns" that happened due to compromised air check valves in the engines of the certain B737 aircraft. 2. A senior DGCA official said the Indian regulator has asked for compliance from the Indian carriers SpiceJet, Vistara and Air India Express.
SpiceJet gets the nod at a time when all international commercial air passenger services are suspended since March 22.
All international commercial air passenger services are suspended since March 22, in the wake of travel restrictions due to the coronavirus pandemic.