SpiceJet gets good response for Rs 3k cr worth share sale, oversubscribed
SpiceJet, which has statutory dues of more than Rs 601 crore, has received a good response for its Rs 3,000 crore-worth sale of shares to qualified institutional buyers.
Operating with a reduced fleet as well as facing financial and legal headwinds, the carrier is looking to raise funds.
Sources in the know on Wednesday said the qualified institutional placement has been oversubscribed, with participation from various investors, including family offices and institutional funds.
Some of the investors include family offices of Madhu Kela, Akash Bhanshali, Sanjay Dangi, Rohit Kothari, and Bandhan Bank, the sources said.
There was no official comment from the airline.
"Due to our financial constraints, our company has not been able to fulfil the statutory liabilities accruing on us on a month to month basis," the airline said in the preliminary placement document related to raising Rs 3,000 crore.
As per the document, the airline has not made provident fund payments to the tune of ov
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