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Indian low-cost carrier SpiceJet Ltd said that its Board of Directors' allotment committee, during its meeting held on Monday, has deliberated upon and granted approval for the issuance of equity shares and warrants on a preferential basis.

In an exchange filing, the company said: "This is to inform you that the Allotment Committee of the Board of Directors of the Company at its meeting held on September 4, 2023 from 4:00 p.m. to 4:15 pm., has, inter-alia, considered and approved allotment of 3,41,72,000 equity shares of the face value of Rs.10 each at an issue price of Rs.29.84 each on preferential basis to Spice Healthcare Private Limited (an entity under ‘promoter group’)."

"Allotment of 13,15,00,000 warrants, having option to apply for and be allotted equivalent number of equity shares of the face value of Rs.10 each at an issue price of Rs.29.84 each on preferential basis to Spice Healthcare Private Limited (an entity under ‘promoter group’) and allotment of 4,81,23,186 equity shares of the face value of Rs.10 each at an issue price of Rs.48.00 each on preferential basis to following aircraft lessors consequent upon conversion of their existing outstanding dues aggregating to Rs.2,30,99,12,928 have been approved," it said.

SpiceJet has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector, as per sources.