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SpiceJet reports good support for capital raising
September 24th 2024
SpiceJet has completed its 30 billion rupee (US$359 million) capital raising through a qualified institutional placement (QIP). Read More » The company said the capital raising was significantly oversubscribed, with a diverse pool of top-tier institutional investors and mutual funds participating in the QIP. SpiceJet said the proceeds raised were expected to be be spent on efforts to unground its fleet, acquire new aircraft, invest in technology and expand into new markets. “We are thrilled with the success of our QIP,” SpiceJet chair and managing director, Ajay Singh, said. “The strong response from investors and institutions is a testament to their faith in SpiceJet’s potential to rapidly scale and become a formidable player in India’s burgeoning aviation market. This fundraise marks a pivotal moment for SpiceJet as we look to scale new heights in the aviation industry.”
