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SpiceJet is now looking at a lifeline with its crucial fundraising exercise learnt to be finding favour with investors. The airline’s INR 3,000-crore qualified institutional placement (QIP) has been oversubscribed, say sources. The likely investors include institutional funds like Tata Mutual Fund, Discovery Fund, Plutus, Jupiter Fund Management and Think Investments. Family offices of ace investor Madhu Kela, Akash Bhanshali, Sanjay Dangi and Rohit Kothari are also learnt to have subscribed to the QIP.“This demonstrates strong investor confidence in the airline and in its growth potential. The QIP received an overwhelming response from investors and was significantly oversubscribed on its first day. The total offers received exceed Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalise on India’s growing aviation market and achieve sustained growth,” say sources.The airline could soon get funds and will then unground its fleet apart from paying employees’ PF and TDS dues, sources say.“As of June 30, 2024, of our total fleet size of 64 aircraft, 36 aircraft (constituting to 56.25 percent of total fleet size) are grounded, owing primarily to alleged default in payment of dues to the aircraft lessors and lack of maintenance on such aircraft due to financial constraints and/or non-availability of components and spare parts. Due to the smaller size of our fleet after the pandemic, our traffic and market share have both declined,” the airline’s preliminary placement document (PPD) filed with BSE says. Once funding is in, getting the planes back in the air will be a priority to improve the financial health.
Published On Sep 19, 2024 at 09:00 PM IST
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