SpiceJet on Saturday said that the board has approved the issue and allotment of 48,70,12,986 equity shares to eligible qualified institutional buyers at the issue price of Rs 61.60 per equity share i.e. at a premium of Rs 51.60 per equity share [(which includes a discount of Rs 3.19 per equity share to the floor price, aggregating to Rs2,999,99,99,937.60.
"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 7,94,67,27,170 consisting of 79,46,72,717 equity shares to ₹ 12,81,68,57,030 consisting of 1,28,16,85,703 equity shares," SpiceJet said in a regulatory filing.
Last week, shareholders approved a proposal to raise up to Rs 3,000 crore. Operating with a reduced fleet as well as facing financial and legal headwinds, the carrier is looking to raise funds.
The no-frills carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations.
The carrier's statutory dues totalled Rs 601.5 crore as on September 15 and net proceeds from the placement will also be utilised towards clearing the dues. Of the total amount, Rs 297.5 crore is towards deposit of Tax Deducted at Source (TDS), Rs 156.4 crore related to deposit of employees' provident fund, and Rs 145.1 crore pertains to Goods and Services Tax (GST).
The proceeds will also be used for settling liabilities of creditors, including aircraft and engine lessors, engineering vendors and financiers.
Shares of SpiceJet declined 3.25 per cent to close at Rs 66.16apiece on the BSE on Friday.
Meanwhile, on Friday, the Supreme Court upheld an order from the Delhi High Court that directed low-cost airline SpiceJet to ground three aircraft engines for defaulting on payments to lessors. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dismissed the appeal filed by SpiceJet against the high court verdict of September 11.
"We will not interfere. It's a correct order," the bench said.
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