Blitz Bureau
NEW DELHI: Shares of SpiceJet gained 5 per cent at Rs 58.27 on the BSE in July 19’s intra-day trade in an otherwise subdued market after the airline firm said its board will meet on July 23 to consider raising fresh capital including qualified institutional placement (QIP). In the past four trading days the stock has rallied 12 per cent.
In an exchange filing the company said that a meeting of the board of directors of SpiceJet will be held on July 23 (Tuesday), inter-alia, to consider and approve raising fresh capital through issue of eligible securities to qualified institutional buyers by way of qualified institutional placement and any other methods including by way of further issue, in accordance with the relevant provisions of applicable laws. The fund raising is subject to approval of the shareholders of the company and other applicable regulatory and contractual approvals, as may be required, it added.
At 09:46 am; SpiceJet was trading 4 per cent higher at Rs 57.61, as compared to 0.13 per cent decline in the BSE Sensex. The stock had hit a 52-week high of Rs 77.50 on February 5, 2024. However, in the past six months, SpiceJet has underperformed the market by falling nearly 10 per cent, as compared to 13 per cent rally in the benchmark index.
