Budget carrier SpiceJet is planning to raise fresh capital by issuing securities to qualified institutional buyers. The company informed stock exchanges that its board will meet on Friday, February 24, to discuss and consider options for raising capital.
The company however did not disclose the amount it plans to raise by issuance of securities.
SpiceJet will also discuss and consider issuance of equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the Company, subject to applicable regulatory approvals, the company said in an exchange filing.
The fund raising by SpiceJet comes at a time when Tata Group backed Air India has ordered record 470 planes from Boeing and Airbus.
SpiceJet shares were trading 2 per cent lower at Rs 37.60, underperforming the Sensex which was up 0.13 per cent.