NEW DELHI: SpiceJet is now looking at a lifeline with its crucial fundraising The exercise learned to be finding favor with investors. The airline’s Rs 3,000-crore qualified institutional placement (QIP) has been oversubscribed, say sources. Likely investors include institutional funds like Tata Mutual Fund, Bandhan BankDiscovery Fund, Plutus, Jupiter Fund Management and Think Investments.Family offices of ace investor Madhu Kela, Akash Bhansali, sanjay dangi and Rohit Kothari are also learned to have subscribed to the QIP,
“This demonstrates strong investor confidence in the airline and in its growth potential. The QIP received an overwhelming response from investors and was significantly oversubscribed on its first day. The total offers received exceeded Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalize on India’s growing aviation market and achieve sustained growth,” say sources.
The airline could soon get funds and will then unground its fleet apart from paying employees’ PF and TDS dues, sources say.
“This demonstrates strong investor confidence in the airline and in its growth potential. The QIP received an overwhelming response from investors and was significantly oversubscribed on its first day. The total offers received exceeded Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalize on India’s growing aviation market and achieve sustained growth,” say sources.
The airline could soon get funds and will then unground its fleet apart from paying employees’ PF and TDS dues, sources say.
