SpiceJet: SpiceJet raised funds of Rs 900 crore, shares of the company jumped by five percent, see update.
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SpiceJet Share Price: Indian aviation company SpiceJet has taken a big leap this month. The company has collected funds of about Rs 900 crore in a month. Information has been given by the company that this money will be used by the company to upgrade its fleet and focus on cost cutting measures. According to an internal letter sent by SpiceJet airline to senior employees on Monday, it now has sufficient funds of more than Rs 900 crore. This also includes Rs 160 crore received from the government as installment under the Emergency Credit Line Guarantee Scheme (ECLGS). The company, which is surrounded by many problems, has so far received about Rs 1,000 crore under ECLGS. An official with knowledge of the matter said that this new installment was released after the company’s Chairman and Managing Director Ajay Singh recently invested in the airline.
Company raised Rs 1100 crore in three months
SpiceJet official said that the airline has raised a total fund of more than Rs 1,100 crore in the last three months. According to the letter, the company will focus on implementing cost-cutting measures to upgrade the fleet, deliver timely services and streamline operations. Let us tell you that this month, SpiceJet had planned to raise Rs 2,250 crore through preferential issue of shares and warrants to reduce its debt burden. Along with this, the company had started direct air services from many states regarding the consecration of Ram temple in Ayodhya. Along with this, direct flights to Ayodhya from Delhi, Ahmedabad, Chennai, Bengaluru, Jaipur, Patna, Darbhanga and Mumbai are going to start from February 1.
Company’s shares rose
SpiceJet’s share prices jumped 5.38 per cent on the Bombay Stock Exchange after the company reported raising Rs 900 crore on Monday. At 2 pm the company’s shares were trading at Rs 64.39 with a rise of 4.56 percent i.e. Rs 2.81. The market cap of the company on BSE is Rs 4.38 thousand crore. In the last six months, the company’s shares have given a return of 119.38 percent i.e. Rs 34.92 to the investors.
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