Chairman Ajay Singh may sell 10-15% stake in SpiceJet: The airline plans to raise more than Rs 3,200 crore

SpiceJet promoter and chairman Ajay Singh may sell 10% to 15% stake in the airline to raise funds. According to media reports, this funding round is expected to be completed by the end of September.

The airline is currently facing financial difficulties, legal challenges and a reduced fleet and is trying to raise funds to meet its various obligations. Ajay Singh is both the chairman and managing director of the company.

Ajay Singh can sell up to 15% of his stake in the airline According to reports, Ajay Singh can sell up to 15% of his stake in the airline based on favourable conditions. This move is part of the airline’s proposed Qualified Institutional Placement (QIP), which aims to raise up to Rs 2000 crore.

SpiceJet Chairman and Managing Director Ajay Singh.

The funding round is expected to be completed by the end of September According to reports, discussions have already taken place with potential investors in India and internationally. The funding round is expected to be completed by the end of September. The funds will be used to bring back grounded aircraft, settle liabilities and add new fleet, among other normal operations.

SpiceJet plans to raise more than Rs 3,200 crore However, no official statement has been issued by SpiceJet regarding this funding round so far. SpiceJet has recently planned to raise more than Rs 3,200 crore through debt and equity instruments as well as capital infusion from promoters.

SpiceJet plans to raise Rs 2,500 crore through qualified institutional placement (QIP), Rs 736 crore through warrants and capital infusion by promoters. The airline’s plan is yet to receive shareholders’ approval.