SpiceJet flies high on planning to induct ten planes by November-end
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SpiceJet is currently trading at Rs. 66.34, up by 3.54 points or 5.64% from its previous closing of Rs. 62.80 on the BSE.
The scrip opened at Rs. 65.00 and has touched a high and low of Rs. 67.98 and Rs. 65.00 respectively. So far 28883363 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 79.90 on 16-Sep-2024 and a 52 week low of Rs. 34.00 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 68.20 and Rs. 57.05 respectively. The current market cap of the company is Rs. 8497.58 crore.
The promoters holding in the company stood at 47.66%, while Institutions and Non-Institutions held 6.86% and 45.48% respectively.
SpiceJet is set to significantly expand its fleet by the end of November with the induction of ten aircraft, marking a major step in the airline’s growth plans. Seven of these aircraft will be acquired on lease, while three previously grounded SpiceJet planes are being reintroduced into service.
The airline has already signed agreements for the leased aircraft, with the full induction of all seven planes expected by November 15. Two of these leased aircraft have already arrived in India and are scheduled for immediate induction. SpiceJet will also operationalise its grounded planes in phases, with the first three set to re?enter service before the end of November.
This fleet expansion follows SpiceJet’s successful Qualified Institutional Placement (QIP), which raised Rs 3,000 crore. The QIP saw an overwhelming response from investors, attracting a diverse group of top?tier institutional names, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity. In addition to the QIP, the airline is set to receive an additional Rs 736 crore from a previous funding round, further bolstering its financial stability and growth trajectory.
The fresh capital raised will play a key role in ungrounding SpiceJet’s existing aircraft, acquiring new planes, investing in technology, and expanding into new markets. The airline remains focused on restoring its reputation for efficiency and reliability, ensuring passengers benefit from improved connectivity and access to a wider range of travel options.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
