Team Blitz India
NEW DELHI: SpiceJet said its promoter Ajay Singh has decided to infuse Rs 500 crore into the loss-making airline, by way of subscribing fresh equity shares and/or convertible instruments.
“The infusion of fresh capital will substantially strengthen the company’s financial position and is a powerful vote of confidence in its future and long-term viability. It marks a pivotal moment in Spicejet’s journey towards sustained growth and long-term success,” Spicejet said in a statement.
The company’s board of directors, which met on July 12, 2023, considered options for raising fresh capital for the Company where Ajay Singh, promoter of the company, in order to strengthen the financial position of the company, offered to infuse Rs 500 crore.
“The board deliberated on the matter and agreed to issue equity shares and/or convertible securities/equity share warrants on preferential basis to the promoter and/or the promoter group of the company, on a preferential basis.
