SpiceJet Boosts financial standing with Rs 160 Crore under ECLGS, achieving Rs 900 Crore Bank Balance
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SpiceJet has not only secured Rs 744 crores through a preferential issue of shares and warrants but has also successfully obtained an additional Rs 160 crore through the Emergency Credit Line Guarantee Scheme (ECLGS), bringing its substantial bank balance to Rs 900 crore, as revealed by airline sources on Monday.
The recent allotment of shares and warrants in the first tranche of the preferential issue, decided by the company’s Board of Directors on January 25, marks a crucial step in enhancing SpiceJet’s financial resilience.
CMD Ajay Singh is set to personally oversee major expenditures, ensuring prudent financial management. Last week’s announcement highlighted SpiceJet’s success in garnering Rs 744 crore as part of its broader plan to raise fresh capital amounting to Rs 2,250 crore.
SpiceJet announced on Friday that it has successfully received Rs 744 crore as the initial tranche of funds through the issuance of securities on a preferential basis.