NEW DELHI: SpiceJet promoter and chairman Ajay Singh could offload greater than 10 per cent stake within the struggling provider as a part of the most recent funding spherical that’s anticipated to shut by the tip of September, based on sources. The finances provider — which is grappling with a number of woes, together with monetary challenges, authorized battles and grounding of plane — is trying to increase cash that can assist it meet numerous obligations.
One of many sources stated that Singh may offload as much as a 15 per cent stake within the airline if sure situations are conducive.
Singh, who’s the Chairman and Managing Director, can be offloading round 10 per cent shareholding within the airline and the quantum may go up, the second supply stated.
For the proposed QIP (Certified Institutional Placement), there’s already a dedication for as much as Rs 2,000 crore and the airline is in discussions with potential buyers. Conferences with buyers have been held in India and abroad, the sources within the know stated.
There was no official remark from SpiceJet.
The funding spherical is anticipated to be accomplished by the tip of September.
On the finish of June 2024, the promoter group had somewhat over 47 per cent stake within the provider, as per knowledge out there on the BSE.
SpiceJet, which had a fleet of 74 planes in 2019, is presently working round 20 plane.
On Friday, the airline stated it plans to mop up Rs 3,200 crore by means of QIP, warrants and capital infusion by the promoter, the airline stated in a presentation on Friday.
The funds will probably be utilised to take again the grounded fleet in operations, legal responsibility settlement, new fleet induction and different common functions.
“Spicejet plans to lift Rs 2,500 crore by means of QIP and Rs 736 crore by means of earlier warrants and promoter infusion, the airline stated in an investor presentation,” it had stated within the presentation to buyers.
In January, SpiceJet may increase solely Rs 1,060 crore by means of preferential points in opposition to its Rs 2,250 crore funding plan that was introduced in December 2023.
One of many sources stated that Singh may offload as much as a 15 per cent stake within the airline if sure situations are conducive.
Singh, who’s the Chairman and Managing Director, can be offloading round 10 per cent shareholding within the airline and the quantum may go up, the second supply stated.
For the proposed QIP (Certified Institutional Placement), there’s already a dedication for as much as Rs 2,000 crore and the airline is in discussions with potential buyers. Conferences with buyers have been held in India and abroad, the sources within the know stated.
There was no official remark from SpiceJet.
The funding spherical is anticipated to be accomplished by the tip of September.
On the finish of June 2024, the promoter group had somewhat over 47 per cent stake within the provider, as per knowledge out there on the BSE.
SpiceJet, which had a fleet of 74 planes in 2019, is presently working round 20 plane.
On Friday, the airline stated it plans to mop up Rs 3,200 crore by means of QIP, warrants and capital infusion by the promoter, the airline stated in a presentation on Friday.
The funds will probably be utilised to take again the grounded fleet in operations, legal responsibility settlement, new fleet induction and different common functions.
“Spicejet plans to lift Rs 2,500 crore by means of QIP and Rs 736 crore by means of earlier warrants and promoter infusion, the airline stated in an investor presentation,” it had stated within the presentation to buyers.
In January, SpiceJet may increase solely Rs 1,060 crore by means of preferential points in opposition to its Rs 2,250 crore funding plan that was introduced in December 2023.
