SpiceJet, a domestic carrier, announced on Monday that it has successfully raised Rs 3,000 crore through a Qualified Institutional Placement (QIP).
The capital that has been recently raised will be utilized to operationalize grounded aircraft, acquire new aircraft, invest in technology, and expand into new markets.
SpiceJet stated in a statement that the QIP, which was open from September 16 to September 18, received an overwhelming response from qualified investors and was considerably oversubscribed. This response indicates a high level of confidence in the company’s growth prospects.
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SpiceJet announced that it will receive an additional Rs 736 crore from the previous funding round, in addition to the Rs 3,000 crore funding, which will further enhance its financial stability and growth plans.
Ajay Singh, Chairman and Managing Director of SpiceJet, 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,”
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