SpiceJet Raises Rs.3,000 Crore Via QIP

25 Sep 2024 CW Team

SpiceJet announced raising Rs 3,000 crore through a Qualified Institutional Placement (QIP) that closed on September 18. The QIP attracted overwhelming interest from prominent institutional investors, reflecting strong confidence in the airline's growth potential. Key investors included Goldman Sachs Singapore, Morgan Stanley Asia, BNP Paribas, Nomura Singapore, and Tata Mutual Fund.

In addition to the QIP, the airline will receive Rs.736 crore from a prior funding round, further enhancing its financial position. The funds will be utilized to operationalise grounded aircraft, acquire new planes, invest in technology, and expand into new markets.

Ajay Singh, Chairman and MD of SpiceJet, stated that the strong investor response underscores faith in SpiceJet's ability to grow rapidly in India's aviation sector. The new capital infusion will help strengthen operations, enhance the fleet, and expand the airline's network to meet increasing passenger demand.

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