NEW DELHI: SpiceJet is now looking at a lifeline with its crucial fundraising exercise learnt to be finding favour with investors. The airline’s Rs 3,000-crore qualified institutional placement (QIP) has been oversubscribed, say sources. The likely investors include institutional funds like Tata Mutual Fund, Bandhan Bank, Discovery Fund, Plutus, Jupiter Fund Management and Think Investments.Family offices of ace investor Madhu Kela, Akash Bhanshali, Sanjay Dangi and Rohit Kothari are also learnt 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 exceed Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalise 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 exceed Rs 3,000 crore. This support shows the belief in the airline’s ability to capitalise 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.