Shareholders approve Rs 3,000 crore fund raising plan, says SpiceJet

SpiceJet on Thursday said its shareholders have approved the proposal to raise up to Rs 3,000 crore through issuance of securities.

The no-frills carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations.

In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution for raising funds of up to Rs 3,000 crore.

The funds are proposed to be raised through Qualified Institutional Placement (QIP) and other options.

SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft.

Shares of the airline rose 8 per cent to close at Rs 71.66 on the BSE.