Page 7 - Spicejet

SpiceJet says cleared salary, GST dues; deposited 10-month PF dues

Crisis-hit SpiceJet, which has recently raised Rs 3,000 crore, on Friday said it has cleared all pending salary and GST dues as well as deposited ten months' dues of provident fund. On September 23, the airline announced raising Rs 3,000 crore through Qualified Institutional Placement (QIP) of shares. An airline spokesperson said that within the first week of raising fresh funds, it has cleared all pending salary and GST dues and has made significant progress by depositing ten months' dues of PF. The process of clearing other outstanding dues is ongoing, he said in a statement. Among other efforts, the airline has reached settlement with various aircraft lessors. SpiceJet has been facing multiple headwinds, including financial problems and legal woes. It is also operating with a reduced fleet. On Friday, shares of SpiceJet fell 4.25 per cent to close at Rs 62.79 apiece on BSE.

Plutus Wealth increases shareholding in SpiceJet, buys Rs 50 cr worth share

Plutus Wealth Management on Tuesday raised its holding in domestic carrier SpiceJet by acquiring additional shares for Rs 50 crore through an open market transaction. According to the bulk deal available with the BSE, Plutus Wealth Management purchased 75 lakh shares or 0.58 per cent stake in Gurugram-headquartered SpiceJet. The shares were bought at an average price of Rs 66.70 apiece, taking the transaction value to Rs 50.02 crore. Details of sellers of SpiceJet's shares could not be identified on the BSE. Shares of SpiceJet jumped 6.95 per cent to close at Rs 68.13 apiece on the BSE. On Monday, Plutus Wealth Management bought 85 lakh shares, amounting to a 0.66 per cent stake in domestic carrier SpiceJet for Rs 51 crore.

Airline stocks IndiGo, SpiceJet gain after govt slashes ATF rates

Shares of listed airlines IndiGo and SpiceJet gained up to 5.4 per cent after the central government cut air turbine fuel (ATF) rates

SpiceJet stock flies 6% after Plutus Wealth Management buys stake

SpiceJet share price jumped 5.80 per cent at Rs 67.40 per share on the BSE in Tuesday's early morning trade

Delhi HC asks SpiceJet to respond to execution petition on engines return

The Delhi High Court on Monday asked low-cost airline SpiceJet to file its reply to a petition seeking execution of an order directing it to ground three aircraft engines and hand those over to their lessors. The court also asked the airline to file an affidavit listing out its assets and posted the execution petition for further hearing on November 13. Justice Manmeet Pritam Singh Arora also issued a court notice to the Directorate General of Civil Aviation (DGCA), with a direction to its competent officer to remain present in the court on November 13, along with a status report confirming due compliance of the court's August 14 order. The court said in its status report, the DGCA will mention the status of the re-delivery of the engines. The high court had, in its August 14 order, directed SpiceJet to ground the three engines by August 16 and hand those over to their lessors within 15 days. The single-judge bench had directed the airline to offer prior inspection of the engines

SpiceJet clears GST dues after raising Rs 3,000 crore through QIP

This comes shortly after Spicjet settled all salary arrears for its employees, marking a series of positive developments for the airline

SpiceJet settles salary dues following successful Rs 3,000 crore QIP

SpiceJet's financial woes have been compounded by its inability to secure additional funding, resulting in defaults on lease payments for its aircraft

SpiceJet clears pending salaries after Rs 3,000 crore capital infusion

Domestic carrier SpiceJet has cleared all pending salary dues of its employees after securing a fresh capital infusion of Rs 3,000 crore, a source has said. The salaries for July and August for all employees, as well as the remaining June salaries for those who were partially paid, were deposited into their accounts on Wednesday evening, according to the source. A SpiceJet spokesperson confirmed the disbursement of employees' pending salaries. "Pending salaries of employees were disbursed on Wednesday evening," the spokesperson said on Thursday without divulging further details. SpiceJet had been delaying salaries to its staff for the last couple of months due to a liquidity crunch. The airline hasn't paid the provident fund for two and a half years while TDS, which is deducted from employees' salaries every month, has also not been deposited with the government. On September 23, the airline announced raising Rs 3,000 crore through QIP and an additional Rs 736 crore from the prev

Fueled by Rs 3,000 crore fundraise, SpiceJet to aim 100 aircrafts by 2026

SpiceJet will aim for 100 aircraft by 2026, announced following a Rs 3,000 crore QIP. The airline is facing financial crisis that arose due to Covid-19 driven operational challenges and other factors

SpiceJet resolves $16.7 mn dispute with Engine Lease Finance Corporation

Representatives from both SpiceJet and ELFC are set to formalise the agreement, effectively ending all legal proceedings between the two

SpiceJet raises Rs 3,000 cr through QIP, to receive additional Rs 736 cr

With the latest capital infusion, SpiceJet plans to strengthen its operations, expand its fleet, and extend its network to meet growing passenger demand in the country

Bankruptcy court seeks SpiceJet's reply over unpaid operational dues

The court was told that the said debt has been acknowledged by the airline and yet there has been no compliance

SpiceJet raises Rs 3,000 crore through QIP, to receive additional Rs 736 cr

Domestic carrier SpiceJet on Monday said it has raised Rs 3,000 crore through a Qualified Institutional Placement (QIP). The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors and got significantly oversubscribed, demonstrating strong confidence in the company's growth prospects, SpiceJet said in a statement. It also said the QIP attracted a diverse pool of top-tier institutional investors and mutual funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, among others. In addition to Rs 3,000 crore funding, SpiceJet said it will also receive an additional Rs 736 crore from the previous funding round, further boosting its financial stability and growth plans. The newly raised capital will be used to operationalise grounded aircraft, acquire new planes, invest in technology, and expand into new

SpiceJet raises Rs 3,000 cr from institutional investors via share sale

SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline. Foreign entities, including Societe Generale - ODI, Goldman Sachs (Singapore) Pte - ODI, Nomura Singapore Ltd ODI and Discovery Global Opportunity (Mauritius) Ltd are among the investors who have been allotted shares under the airline's Qualified Institutional Placement (QIP) that was oversubscribed. The airline's fundraising committee, on September 20, approved the allotment of more than 48.70 crore shares at a price of Rs 61.60 apiece to the more than 80 QIP participants, according to a regulatory filing. The total amount for which the securities have been issued is nearly Rs 3,000 crore. "Pursuant to the allotment of equity shares in the Issue, the paid-up equity share capital of the company stands increased from Rs 7,94,67,27,170 consisting of 79,46,72,717 equity shares to Rs 12,81,68,57,030 consisting of 1,28,16,85,703 equity

SC dismisses SpiceJet's plea against HC order grounding 3 aircraft engines

The Supreme Court on Friday upheld an order of the Delhi High Court which directed low-cost airline SpiceJet to ground three aircraft engines for defaulting on payments to lessors. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dismissed the appeal filed by SpiceJet against the high court verdict of September 11. "We will not interfere. It's a correct order," the bench said. A division bench of the Delhi High Court had held that the carrier had violated an agreed interim arrangement for payment of dues and upheld an order of a single-judge bench asking the low-cost airline to ground the three engines for defaulting on the payments. The single-judge bench of the high court had on August 14 directed SpiceJet to ground three engines by August 16 and hand them over to their lessors -- Team France 01 SAS and Sunbird France 02 SAS. A high court bench of Justices Rajiv Shakdher and Amit Bansal refused to interfere with an August 14 order of th

SpiceJet's share sale likely to lure Tata Mutual Fund among others

The budget airline owes payments to airports, has placed staff on leave without pay and withheld mandatory social security payments since January 2022

SpiceJet gets good response for Rs 3k cr worth share sale, oversubscribed

SpiceJet, which has statutory dues of more than Rs 601 crore, has received a good response for its Rs 3,000 crore-worth sale of shares to qualified institutional buyers. Operating with a reduced fleet as well as facing financial and legal headwinds, the carrier is looking to raise funds. Sources in the know on Wednesday said the qualified institutional placement has been oversubscribed, with participation from various investors, including family offices and institutional funds. Some of the investors include family offices of Madhu Kela, Akash Bhanshali, Sanjay Dangi, Rohit Kothari, and Bandhan Bank, the sources said. There was no official comment from the airline. "Due to our financial constraints, our company has not been able to fulfil the statutory liabilities accruing on us on a month to month basis," the airline said in the preliminary placement document related to raising Rs 3,000 crore. As per the document, the airline has not made provident fund payments to the tune of ov

Not paid GST, TDS, and PF dues of Rs 427 crore since 2020: SpiceJet

Legal experts told Business Standard that evasion of GST is a serious offence since it is a tax already collected from the customer but not paid

Passengers protest at airport as SpiceJet cancels Delhi-Darbhanga flight

SpiceJet on Saturday cancelled its flight from the national capital to Darbhanga, triggering protests by passengers at the Delhi airport. A video of passengers protesting and shouting slogans at the airport was shared on social media. In a statement, an airline spokesperson said its flight SG 495 from Delhi to Darbhanga was cancelled due to unforeseen operational reasons and apologised for the inconvenience caused to the passengers. The airline has offered passengers the option of a full refund or alternative flight arrangements to Darbhanga on the following day.

Sebi exempts SHPL from making open offer for SpiceJet shareholders

Markets regulator Sebi has exempted Spice Healthcare Pvt Ltd from making an open offer to SpiceJet shareholders in relation to acquisition of additional shares in the airline. On conversion of warrants that were issued to it, Spice Healthcare, a promoter group entity, would be acquiring an additional 13,14,08,514 equity shares in the airline. In this regard, SpiceJet had sought an exemption from Sebi with respect to making an open offer for the shareholders of the airline. The Securities and Exchange Board of India (Sebi), through an order on Friday, has given the exemption from making the open offer to Spice Healthcare subject to certain conditions, the airline said in a filing to BSE on Saturday. Post conversion of the warrants, Spice Healthcare will have an additional 13.74 per cent stake in the airline and that would trigger the open offer requirement under Sebi norms. The watchdog has given the exemption subject to the condition that the shares acquired by the entity on exerc