SpiceJet raises Rs 3.16 billion

SpiceJet has received an additional investment of Rs 3.16 billion, taking the total amount of funds raised to Rs 10.6 billion through a preferential issue. The Board of Directors of the airline on February 21, 2024, approved the allocation of 40.1 million equity shares to two investors including Aries Opportunities Fund Limited. Further, the issuance of 23.1 million warrants was also approved, granting four investors including Elara India Opportunities Fund Limited the right to apply for an equivalent number of equity shares. The airline had earlier secured the first tranche of capital infusion of Rs 7.44 billion in January 2024.