SpiceJet's Rs 3,000 cr issue commences, floor price set at Rs 64.79 a share

SpiceJet has set a floor price of Rs 64.79 per share for the sale of securities to qualified institutional buyers through which the budget carrier aims to raise up to Rs 3,000 crore.

Last week, shareholders approved a proposal to raise up to Rs 3,000 crore.

According to the preliminary placement document, a copy of which has been submitted to the BSE, the floor price has been set at Rs 64.79 per share.

"Our company may offer a discount of not more than 5 per cent on the floor price in accordance with the approval of the shareholders by way of special resolution pursuant to postal ballot dated on September 13, 2024, and in terms of Regulation 176(1) of the SEBI ICDR Regulations," it said.

The shares will be issued only to eligible Qualified Institutional Buyers (QIBs).

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.

Shares of SpiceJet declined 5.23 per cent to close at Rs 73.72 apiece on the BSE on Tuesday.