SpiceJet, the embattled low-cost carrier on Saturday (September 21) through an exchange filing announced that the company that its board has approved the issuance and allotment of 48.7 crore equity shares to qualified institutional buyers at a price of Rs 61.

The preferential issue proceeds would be utilised for expansion of business operations directly or through investment in subsidiaries and joint ventures including meeting the long-term working capital requirements and for other general corporate purposes.

SpiceJet is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft

QIP oversubscribed by Tata Mutual Fund, Discovery Fund. SpiceJet's ₹3,000 crore QIP has attracted significant investor interest, and was oversubscribed by key players such as Ta

In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution to raise up to Rs 3,000 crore.

With this allotment, the airline's paid-up equity share capital will increase from Rs 794.67 crore, representing 79.46 crore equity shares, to Rs 1,281.68 crore, representing 128.16 crore equity shares.

The aggregate face value of the CCD are proposed to be converted into equity shares at a discount of 13.83 per cent

SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline