Wed Sep 18 17:13:40 UTC 2024: ## SpiceJet Secures Oversubscribed Funding Through Share Sale Amidst Financial Struggles
**Mumbai, India** – Struggling airline SpiceJet has secured oversubscribed funding through a qualified institutional placement (QIP) of shares worth Rs 3,000 crore. The airline, facing financial and legal challenges, is using the funds to clear statutory dues and settle liabilities.
Despite operating with a reduced fleet, SpiceJet’s QIP attracted a diverse range of investors including family offices of prominent figures like Madhu Kela, Akash Bhanshali, Sanjay Dangi, Rohit Kothari, and Bandhan Bank.
The airline’s preliminary placement document reveals a total of Rs 601.5 crore in statutory dues as of September 15th, including over Rs 135 crore in unpaid provident fund payments dating back to April 2020. The funds raised will be allocated towards clearing these dues, as well as settling liabilities to creditors such as aircraft and engine lessors, engineering vendors, and financiers.
SpiceJet’s share price closed at Rs 69.10 on Wednesday, down 6.27% amidst the news. Despite the successful fundraising, the airline continues to face significant challenges in its path to recovery.
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