SpiceJet raises Rs 3.16 billion

SpiceJet has received an additional investment of Rs 3.16 billion, taking the total amount of funds raised through a preferential issue to Rs 10.6 billion. On February 21, 2024, the airline’s board of directors 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 approved, granting four investors, including Elara India Opportunities Fund Limited, the right to apply for an equivalent number of equity shares. The airline secured the first tranche of capital infusion of Rs 7.44 billion in January 2024.