Earlier on Thursday, SpiceJet said its shareholders have approved the proposal to raise up to Rs 3,000 crore through the issuance of securities.
Shares of SpiceJet gained around 8 per cent as equity benchmark indices rebounded in early trade on Monday. The stock started the session at Rs 73.01. It gained further to touch the high of Rs 77.25, a gain of 7.8 per cent from the previous close of Rs 71.66 on the BSE.
The stock has been gaining for the last 3 days and has risen 19.64 per cent in the period. From today’s high of Rs 77.25, the counter is around 2.79 per cent away from the 52-week high of Rs 77.5. The 52-week low of the counter is Rs 34. The counter has outperformed the sector by 4.97 per cent.
On technical parameters, the counter is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Earlier on Thursday, SpiceJet said its shareholders have approved the proposal to raise up to Rs 3,000 crore through the issuance of securities.
The no-frills carrier — which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft — is looking to raise money that will help it meet various obligations.
In a regulatory filing on Friday, the airline said shareholders have given their nod for the special resolution for raising funds of up to Rs 3,000 crore. The funds are proposed to be raised through Qualified Institutional Placement (QIP) and other options.
SpiceJet, which had a fleet of 74 planes in 2019, is currently operating around 20 aircraft. Shares of the airline rose 8 per cent to close at Rs 71.66 on the BSE.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)