SpiceJet Shares Jump Over 7% On NSE Listing Plan, Rs 1,500-Crore Fundraise

SpiceJet Ltd.'s share jumped over 7% on Monday after the airline announced it will soon be listing its securities on the National Stock Exchange.

SpiceJet had 12.2 lakh shares change hands in a pre-market large trade, according to Bloomberg data. Buyers and sellers were not known immediately.

SpiceJet Ltd.'s board will on Monday consider infusion of Rs 1,000-1,500 crore into the airline by two investors, according to a person aware of the matter, after its earlier fundraising efforts didn't yield results.

The low-cost carrier postponed the board meeting to approve the September quarter results to Monday from Friday. It will discuss and consider options for raising fresh capital through issue of equity shares and/or convertible securities on a preferential basis.

Shares of the company rose as much as 7.33%, before paring gains to trade 4.24% higher at 10:25 a.m. This compares to a 0.31% advance in the Sensex

The stock has risen 48.62% year-to-date. Total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 77, indicating that the stock may be overbought.

Of the four analysts tracking the company, one maintains a 'buy' rating and three suggest a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 30.7%