SpiceJet Ltd (500285)

SpiceJet Plans to Raise Funds Through Securities Issuance - 24 Jul, 2024

SpiceJet Ltd. is set to raise up to Rs 3,000 crore through the issuance of securities, including shares, to qualified institutional buyers (QIBs) by way of Qualified Institutional Placement (QIP). The company's board has approved the fund-raising plan.

SpiceJet Board Approves Fundraising Plan - 23 Jul, 2024

SpiceJet's board has approved raising up to Rs 3,000 crore through the issuance of securities. Shares rose 3.48% to close at Rs 56.72 on BSE. Market cap climbed to Rs 4,500 crore.

SpiceJet Transfers Shares to Subsidiary and Considers Fresh Capital - 22 Jul, 2024

SpiceJet transfers 15,000 equity shares to its subsidiary, SpiceTech System Private Limited, and holds 58% of the total paid-up share capital. The company's board will meet on July 23 to consider raising fresh capital through a qualified institutional placement (QIP) basis.

SpiceJet Resumes Normal Operations After Microsoft Outage - 20 Jul, 2024

SpiceJet successfully resolved its technical issues caused by the global Microsoft outage and resumed normal operations with zero cancellations. Other airlines are still struggling to maintain schedules amid ongoing disruptions.

SpiceJet Board to Consider Raising Fresh Capital Through QIP - 19 Jul, 2024

SpiceJet's board will meet to discuss raising fresh capital through qualified institutional placement. The airline posted a multi-fold jump in standalone profit after tax for Q4 of FY24 but reported a loss for the full fiscal year. As many as 33 aircraft are grounded.

SpiceJet's CFO Resigns; Replacement Announced - 18 Jul, 2024

SpiceJet's Chief Financial Officer (CFO) Ashish Kumar has resigned from the company to pursue other opportunities. The airline has announced Joyakesh Podder as his replacement effective July 15.

SpiceJet Reports Mixed Results for Q1 and Q3 of FY 2023-24 - 17 Jul, 2024

Despite reporting a multi-fold jump in standalone profit in Q1 of 2023-24, SpiceJet experienced a significant decline in market share in Q2. In Q3, the company declared a loss of ₹298.62cr, compared to a profit of ₹110.48cr in the previous fiscal year same period. The stock delivered a return of 9.34% in the last week but has negative returns over the past six months and YTD. Out of three analysts covering the company, one analyst has given a Sell rating while two have given a Buy rating.

SpiceJet Narrows Losses, Reports Profitable Q4 - 16 Jul, 2024

SpiceJet reported a consolidated net profit of Rs 127 crore for Q4 FY2024, marking a significant turnaround from previous quarters. The airline aims to raise fresh funds to support growth initiatives. However, the auditor highlighted that there remains significant doubt whether the airline will remain operational in the foreseeable future. Shares surged over 7%. CFO Ashish Kumar quit the company.

SpiceJet Reports Mixed Results Amid Cash Crunch - 15 Jul, 2024

SpiceJet reported a mixed bag of results with a six-fold jump in standalone profit for Q4 FY23-24 but posted a loss of Rs 409.43 crore for the full fiscal year. The airline also reported a 72.4% YoY reduction in its consolidated net loss to Rs 418.3 crore due to ongoing cash crunch. SpiceJet is exploring opportunities to raise fresh funds to bolster growth plans and take advantage of burgeoning demand in the Indian aviation market.

SpiceJet Employee Arrested for Slapping CISF Officer - 13 Jul, 2024

A SpiceJet Airlines employee was arrested for allegedly slapping a CISF officer at Jaipur airport. The airline came in support of its employee, stating that she was sexually harassed by the police personnel. SpiceJet is taking legal action against the ASI and has approached local police.

Sexual Harassment Allegations Against CISF Officer at Jaipur Airport - 12 Jul, 2024

A SpiceJet female crew member accused a CISF Assistant Sub Inspector (ASI) of sexual harassment at Jaipur Airport. SpiceJet is pressing charges of sexual harassment against the ASI and has initiated legal action. The Employees Provident Fund Organisation (EPFO) has recovered ₹61 crore of provident fund dues from SpiceJet.

SpiceJet Faces Legal Woes Amid Earnings Announcement - 11 Jul, 2024

SpiceJet is set to announce its earnings for the past six months while facing legal battles over unpaid dues to aircraft lessors, vendors, and suppliers. The company's market share has shrunk rapidly over the past five years, and auditors have raised doubts about it being a going concern.

SpiceJet Issued Show Cause Notice by Delhi High Court - 10 Jul, 2024

The Delhi High Court has issued a show cause notice to SpiceJet for non-compliance of its order asking it to return engines to lessor TWC aviation. The airline may face contempt proceedings.

SpiceJet Faces Contempt Proceedings, Warns Passengers of Flight Disruptions - 09 Jul, 2024

SpiceJet is facing contempt proceedings for failing to comply with a court order to return aircraft engines to its lessor. The airline has also warned passengers of potential flight disruptions due to heavy rains in Delhi. Additionally, the company's board will consider Q3 and Q4 results on July 15.

SpiceJet Fails to Deposit PF Dues for 2.5 Years - 08 Jul, 2024

Cash-strapped airline SpiceJet has failed to deposit Employees Provident Fund contributions of its 11,581 staff for the last two and a half years, according to an RTI query by CNBC-TV18. The EPFO confirmed that the airline had not deposited its provident fund dues since January 2022, highlighting the airlines need for funds amidst ongoing litigation with lessors.

SpiceJet Issues Travel Advisory; Flight Delayed Due to Technical Issue - 07 Jul, 2024

SpiceJet has issued a travel advisory for all its flights to and from Delhi's Indira Gandhi International Airport until October 26, 2024. Meanwhile, SpiceJet flight SG 8531 from Bengaluru to Kolkata was delayed due to a technical issue encountered during the aircraft's previous rotation in Delhi.

SpiceJet Assets May Be Attached and Sold to Enforce UK Court Decrees - 06 Jul, 2024

The Delhi High Court has asked SpiceJet why its assets should not be attached and sold to enforce two UK court decrees, which directed the airline to pay $5.33 million and $8.49 million to aircraft lessor GASL Ireland Leasing A1 in February 2022 and May 2023 respectively. SpiceJet is contesting the attachment of assets as it is raising funds and said it is working to settle the matter with GASL soon.

SpiceJet Faces Legal Troubles Over Unpaid Dues - 05 Jul, 2024

SpiceJet is facing legal troubles over unpaid dues of ₹115 crore owed to Irish aircraft lessor GASL. The Delhi High Court has given SpiceJet two weeks to respond with a settlement proposal. Additionally, the court has sought a response from SpiceJet regarding attachment and sale of its assets to enforce decrees of a UK court.

Delhi High Court Warns SpiceJet of Contempt Action - 03 Jul, 2024

SpiceJet has been warned by the Delhi High Court to return three engines to its lessor TWC Aviation by July 8 or face contempt action. The airline's senior advocate stated that grounding aircraft would be necessary if the engines are returned immediately.

SpiceJet Faces Contempt Notice from Delhi HC - 02 Jul, 2024

The Delhi High Court has issued a contempt notice to SpiceJet for failing to comply with orders to return aircraft and engines to its lessor, TWC Aviation. The airline is facing outstanding dues of $16 million and could face further legal action.