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SpiceJet on Monday said that it has received in-principle approval from the Bombay Stock Exchange (BSE) for the issuance of equity shares and warrants convertible into equity shares on a preferential basis.

The in-principle approval from BSE allows SpiceJet to proceed with the process of fund infusion, providing the airline with the necessary financial impetus for its growth.

The approval comes on the heels of SpiceJet's successful 39th Annual General Meeting (AGM) held on January 10, where the members approved the proposal for a fund infusion of Rs 2,242 crore.

Ajay Singh, Chairman and Managing Director of SpiceJet, said: "The in-principle approval from BSE for the fund infusion is a crucial step for SpiceJet as we embark on a journey to enhance our capabilities and strengthen our position in the Indian aviation sector.

“We believe the fund infusion will open new avenues for SpiceJet, enabling us to capitalise on potential opportunities and contribute to the growth of the aviation sector in India."

Meanwhile, an airline spokesperson said that "significant portion of the fund infusion will be utilised to fuel the airline’s growth, expand its network, bring grounded planes back into operation and position SpiceJet as a more resilient and competitive player in the aviation industry".