SpiceJet-Board approves issue of 48.7 crore shares: Issue price to be ₹61.60 per share, paid-up equity share capital increases to ₹1,281 crore
SpiceJet’s Rs 3,000 crore QIP, which opened on September 16, closed on September 20. The company has said in an exchange filing that it has approved the allocation of 48.7 crore (48,70,12,986) shares to qualified institutional buyers at an issue price of Rs 61.60 per share. The floor price for the QIP was fixed at Rs 64.79 per share.
Now the paid up equity share capital of the company has increased to Rs 1,281 crore (12,81,68,57,030), which was earlier Rs 794 crore (7,94,67,27,170). The company will use the money raised through QIP from qualified institutional buyers to settle the dues of creditors, lessors, vendors and financiers.
SpiceJet had an outstanding debt of Rs 601.5 crore as of September 15
SpiceJet had dues of Rs 601.5 crore as on September 15. Of the total amount, Rs 297.5 crore relates to TDS, Rs 156.4 crore to employees’ provident fund and Rs 145.1 crore to GST.
On September 20, the Supreme Court upheld the order of the Delhi High Court
On September 20, the Supreme Court upheld the Delhi High Court order directing SpiceJet to stop using 3 aircraft engines due to SpiceJet’s default in payments to engine lessors.
On September 20, a bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra dismissed SpiceJet’s appeal against the Delhi High Court’s September 11 decision. The bench said, ‘We will not interfere. This is a correct order.’
Delhi High Court had ordered to stop the use of 3 aircraft engines
Earlier, a single judge bench of the Delhi High Court had on August 14 ordered SpiceJet to stop the use of three aircraft engines by August 16 and hand them over to lessors – Team France 01 SAS and Sunbird France 02 SAS.
After that SpiceJet challenged this order and the division bench of Justice Rajiv Shakdhar and Justice Amit Bansal in Delhi High Court refused to interfere with the order of the single judge bench. Now the Supreme Court has also refused to interfere and upheld the order of Delhi High Court.
