SpiceJet zooms 19% after nearly 3% equity change hands on the BSE

The stock has rallied 27% in two days after the board allotted equity shares and warrants to the promoter group company, and allotted equity shares to aircraft lessors on preferential basis.

Shares of SpiceJet zoomed 19 per cent to Rs 39.40 on the BSE in Wednesday’s intra-day trade after nearly 3 per cent of total equity of the low-cost carrier (LCC) changed hands on the BSE. The stock was quoting at its highest level since February 2023.

In past two trading days, the stock has rallied 27 per cent after the company’s board on Monday, allotted 34.17 million equity shares at an issue price of Rs 29.84 each on preferential basis to the promoter group company, Spice Healthcare Private Limited.

The board also allotted 131.4 million warrants, having option to apply for and be allotted equivalent number of equity shares of the face value of Rs 10 each at an issue price of Rs 29.84 each on preferential basis to, Spice Healthcare Private Limited.

Further, the board allotted 48.12 million equity shares at an issue price of Rs 48 each on preferential basis to aircraft lessors consequent upon conversion of their existing outstanding dues aggregating to Rs 231 crore.

At 12:57 PM; the stock was trading 17 per cent higher at Rs 38.58, as compared to 0.34 per cent decline in the S&P BSE Sensex. Around 18.85 million shares representing 3.1 per cent of total equity of SpiceJet had changed hands on the BSE, the exchange data showed.

SpiceJet is principally engaged in the business of providing air transport services for the carriage of passengers. The company is also engaged in cargo business and operates on both domestic and international routes and is powered by fully integrated transportation network including air cargo, ground transportation and warehousing facilities across the country.

Meanwhile, in an exchange filing, SpiceJet today said the company has obtained extension upto three (3) months from the Registrar of Companies for conducting the Annual General Meeting (AGM) of the Company for the financial year ended March 31, 2023. Accordingly, the Annual General Meeting of the Company for the financial year ended on March 31, 2023 will be held on or before December 31, 2023, the company said.