SpiceJet board to meet again on February 27 to raise funds

The airline said in a regulatory filing, “You are informed that the Board meeting to be held on February 24, 2023 (Friday) will inter alia consider and approve the following items on February 27, 2023 (Monday) has been postponed.” ,

spicejetThe Board of the Company will also discuss issue of equity shares on a preferential basis for conversion of outstanding liabilities into equity shares of the company.

For the third quarter ending December 31, 2022, SpiceJet’s passenger revenue, a proxy for airfares, grew 21 per cent, up 33 per cent.

This helped offset the sharp decline in revenue from the freight and logistics business. Total revenue was up by 2 percent 2,317 crores.

“There are new signs of recovery and some very positive growth and restructuring initiatives are closing immediately, which will significantly strengthen and reduce our balance sheet,” Ajay Singh, chairman and managing director, said in a statement.

benefited till 110 crore for the quarter under review. The results come as the cash-strapped airline tries to raise capital as competition in the industry heats up.

Last year, SpiceJet faced a mid-air security lapse which forced the aviation regulator to halve its approved fleet by July 2022. The curbs were lifted on 30 October.

Meanwhile, SpiceJet shares soared over 12 per cent after the company reported higher net profit 110 crore in the three months ending December last year.

The stock closed up 12.31 per cent 39.70 per piece on BSE on Friday. During the day, it climbed 15.27 per cent 40.75.

In terms of volume, 25.44 lakh shares were traded on BSE during the day.