SpiceJet Settles 10 Months of Pending PF and Salaries for Employees

07 Oct 2024 CW Team

SpiceJet announced that it had deposited the pending salaries and provident fund contributions of its employees, which had been due for ten months. The airline also confirmed that it had successfully reached settlements with several lessors.

SpiceJet was pleased to report that within the first week of raising fresh funds through a Qualified Institutional Placement (QIP), it had cleared all outstanding salary and GST dues. Additionally, significant progress had been made in depositing ten months of provident fund dues, with the process of settling other pending liabilities still underway. The company also highlighted that it remained on track with the financial and operational plan laid out in its QIP strategy.

Last month, SpiceJet raised Rs 30 billion through the QIP, which opened on September 16 and closed on September 18. The placement received an overwhelming response from qualified investors and was significantly oversubscribed, reflecting strong confidence in the company's growth prospects. The QIP attracted a diverse group of top-tier institutional investors and mutual funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, and Discovery Global Opportunity, among others.

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