SpiceJet Plans To Raise Funds Worth $251 Million: Report

The low-cost carrier SpiceJet Ltd is looking to raise funds worth 20 billion rupees ($250.53 million), television channel ET Now tweeted on Tuesday.

Shares of the airline rose as much as 6% after the tweet, but pared some of the gains and were trading at 46.80 rupees as of 0907 GMT.

SpiceJet is pursuing multiple ways to raise funds including government lending schemes, stake or equity sale, according to the tweet https://twtr.in/3L0p.

Recently, three banks internally categorised loans to SpiceJet as being at "high risk" though the airline has not defaulted.

The domestic airline has been under the scanner lately, following incidents of technical snags that prompted India's aviation regulator to order it to halve its approved fleet this summer for eight weeks.

SpiceJet did not immediately respond to a Reuters request for comment.