SpiceJet board to consider fundraising proposal on November 18

Budget carrier SpiceJet on Friday said its board will consider a proposal for raising fresh funds on November 18.

In recent times, the airline has been facing significant financial and operational headwinds. It has also curtailed flights.

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SpiceJet said its board would meet on November 18 to consider and approve the proposal for raising fresh capital.

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The fresh capital could be raised "by way of issuance of equity shares, preference shares, debt securities and/or other permissible instruments, through preferential issue, qualified institutions placement or any other mode," it said in a regulatory filing.

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Shares of the company rose nearly 5 per cent to ₹8.67 apiece in late afternoon trade on the BSE.

The airline's domestic market share dropped to 0.6 per cent in September from 1.2 per cent in August, according to the latest DGCA data.