SpiceJet QIP: Board Approves Issue Of 48.7 Cr Shares At Rs 61.60 Apiece To Raise Rs 3,000 Cr

SpiceJet board has approved the issuance of 48.7 crore equity shares at an issue price of Rs 61.60 per share to raise Rs 3,000 crore from its Qualified Institutional Placement which has attracted strong participation from investors.

The QIP is a part of its efforts to strengthen its balance sheet and address the ongoing financial challenges.

Key investors in the QIP include Societe Generale, Morgan Stanley Asia (Singapore), ITI Funds, Goldman Sachs (Singapore), BNP Paribas, Nomura Singapore, Jupiter Global Fund, Tata Mutual Fund, Bandhan Mutual Fund, 360 One, Capri Global, White Oak, and BofA Securities. 

The QIP issue, which opened on September 16, 2024, involved the sale of equity shares with a face value of Rs 10 each, conducted under the Securities and Exchange Board of India’s (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018, as well as the Companies Act, 2013.

The issue closed on September 20.

The airline’s fund raising committee met on September 20, 2024, to officially close the QIP and confirmed that all funds had been received from the participating Qualified Institutional Buyers. The company has also announced that the trading window for its securities, which had been closed for 'Designated Persons' under its insider trading policy, will remain closed until September 22, 2024.

SpiceJet assured that it remains in compliance with all applicable SEBI regulations as part of this process.