SpiceJet to Raise Rs 3,000 Crore: Funding Plans & Market Share

New Delhi, Jul 23 (PTI) No-frills carrier SpiceJet on Tuesday said its board has approved raising Rs 3,000 crore through issuance of securities.

The airline, which has been facing multiple headwinds, has been looking to raise more funds. It had posted a standalone profit of Rs 119 crore in the three months ended March.

According to a regulatory filing, SpiceJet's board of directors has approved raising of funds worth up to Rs 3,000 crore through issue of equity shares or any other eligible securities to qualified institutional buyers by way of qualified institutional placement.

In February, the airline said it has secured an additional Rs 316 crore, taking its total funds raised to Rs 1,060 crore through a preferential share issue.

In January SpiceJet had received Rs 744 crore as the first tranche of funds through the allotment of securities on a preferential basis.

Last year in December, the airline said it would raise fresh capital of Rs 2,250 crore through issuance of securities.

SpiceJet had a domestic market share of 3.8 per cent in June, as per official data.