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SpiceJet to expand ops with money from fundraising, ‘flights to Lakshadweep soon’

The airline in a regulatory filing said its shareholders have approved the plan to raise funds via issuance of equity shares and warrants.

Ajay Singh 20031 pti03 20 2023 000122bNEW DELHI: SpiceJet is planning to use the Rs 2,250 crore fund, which it will raise through a preferential issue of shares and warrants, to expand operations and reduce their liabilities. The airline in a regulatory filing said its shareholders have approved the plan to raise funds via  issuance of equity shares and warrants.

The shareholders voted in favour of the “issue and allotment of equity shares on preferential basis”, and the “issue and allotment of warrants with an option to apply for and be allotted equivalent number of equity shares on preferential basis”.

Addressing shareholders at annual general meeting (AGM), SpiceJet Chairman and MD Ajay Singh said the airline has exclusive rights to fly to Lakshadweep under UDAN scheme and they will be launching flights to Agatti Island soon.

This announcement came amid worsening relation between India and Maldives after government representative of the island nation made unpleasant references to PM Narendra Modi’s Lakshadweep visit. SpiceJet said they will launch new routes connecting Ayodhya with multiple cities across the country. The airline had recently said Mumbai-based business couple Harihara Mahapatra and Preeti Mahapatra will acquire a 19% stake in it for Rs 1,100 crore.

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