Get Instant Loan up to ₹10 Lakh!
SpiceJet Limited's Board of Directors is set to meet on July 23, 2024, to discuss a proposal to raise fresh capital. The plan involves issuing securities to qualified institutional buyers to strengthen the airline's financial position.
As of 12:01 pm on July 19, 2024, SpiceJet's share price was trading in the green, up 1.45% at ₹56.08 on the BSE.
The meeting, scheduled for July 23, 2024, will consider a Qualified Institutional Placement (QIP) in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. This move aligns with the requirements outlined in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In addition to the QIP, the board will explore other capital-raising methods, subject to necessary approvals from shareholders and relevant regulatory bodies.
"This is for your information and record," the company stated in its official communication to the stock exchanges.
Spicejet declared its Q3 results on July 15, 2024. The topline decreased by 17.37 per cent & the loss came at ₹298.62 cr. It is noteworthy that Spicejet had declared a profit of ₹110.48cr in the previous fiscal year same period. Compared to the previous quarter, the revenue grew by 33.99 per cent.
Spicejet's financial performance has seen some significant changes. The company's Selling, General, and Administrative (SG&A) expenses have increased by 4.71% quarter-on-quarter (QoQ) but decreased by 9.04% year-on-year (YoY).
On the other hand, operating income has risen by 33.36% QoQ but fallen by 132.97% YoY. The earnings per share (EPS) for Q3 stands at ₹-4.37, marking a significant decline of 338.8% YoY. In terms of stock performance, Spicejet has delivered a 9.34% return over the past week but has seen a decline of 11.39% over the past six months and 3.91% year-to-date. The company's market capitalization currently stands at ₹4,577.94 crore, with a 52-week high of ₹77.50 and a low of ₹28.00.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.