SpiceJet’s share price: The airline’s share price surged over 7 per cent after the airline concluded its Rs 3,000 crore QIP and its CMD Ajay Singh shared the company’s plan going forward.
SpiceJet turnaround plans. (Photo credit: Reuters)
New Delhi: SpiceJet’s share price rose 8.15 per cent apiece on September 23, 2024, after the budget carrier concluded a Rs 3,000 crore fundraising via QIP. SpiceJet CMD Ajay Singh shared plans for the troubled airline’s transformation on Saturday.
SpiceJet raised Rs 3000 crore from a clutch of institutional investors last week. The company’s board approved the fundraise on September 13, 2-24. The airline aims to utilise the QIP proceeds towards meeting expansion costs and repaying debt.
| S. No. | Investor | % purchased |
| 1 | Authum Investment and Infrastructure | 9.33 |
| 2 | Discovery Flobal Opportunity (Mauritius) | 8.33 |
| 3 | Troo Capital | 6.67 |
| 4 | Societe Generale – ODI | 6.04 |
| 5 | Goldman Sachs (Singapore) | 5.33 |
Source: Moneycontrol
The company whose market share dwindled to 3.1 per cent has struggled on account of an increasing number of grounded aircraft and troubles with aircraft leasing companies. SpiceJet has also struggled to pay its staff their dues which prompted it to send 150 cabin crew on leave without pay and cancel flights from Dubai.
SpiceJet revamp plans
SpiceJet CMG Singh cited the worldwide grounding of Boeing 737 Max jets as well as the COVID-19 pandemic as primary reasons behind the airline’s cash stress, the ET reported. However, the airline is now ready to become a 100-jet fleet carrier. The airline has the requisite airport slots and international traffic lights, apart from crew and pilots to support its plans, he said. The airline was also equipped with the required maintenance infrastructure, he added.
The airline aims to bring back 36 grounded aircraft back into operation. It aims to have a 40-jet fleet by March 2025. This count will be doubled by 2026, the ET reported. Lessors and jet manufacturers were also invested in the company’s turnaround, said Singh.
SpiceJet share price history
SpiceJet’s share price was down 5.75 per cent over the past 5 days. The company’s stock price was up 6.94 per cent over the past month. Over the past 6 months, SpiceJet’s share price jumped 16.85 per cent. It rose 102.52 per cent over the past year.
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