SpiceJet shares crashes over 9% after 2 senior executives resign

According to reports, Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia have tendered their resignation as SpiceJet battles through a cash crunch

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Shares of SpiceJet crashed 9.7 percent to Rs 54.6 per share on March 12 after reports suggested that the Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia have tendered their resignation.

Commenting on this development, the management said that this was a part of SpiceJet’s strategic restructuring and the company continues to see significant growth in revenue and load factor.

“With the recent fund raise, SpiceJet has speeded up the process of resolution of all past disputes. The Company looks forward to adding capacity, growing rapidly and continuing to play a large role in the Indian aviation sector,” they added.

The airline operator’s stock has declined 13 percent in one month, as against a 3 percent rise in the benchmark Sensex. Earlier, SpiceJet shares had hit a 52-week high of Rs 77 apiece on February 5, 2024.

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Earlier, according to an exchange filing dated March 11, the company had approved and issued 34.66 lakh shares with a face value of Rs 10 at Rs 50 per share to Elara India Opportunities Fund, totaling Rs 17.33 crore.

On January 25, 2024, SpiceJet had allocated the initial portion of equity shares and warrants to raise Rs 744 crore. In that allocation, Elara India Opportunities received 8.33 crore warrants at Rs 50 per warrant. However, only 4.16 percent of these warrants have been converted into shares. SpiceJet had also allocated 1 crore warrants at the same price to Silver Stallion.

ALSO READ: SpiceJet raises additional Rs 316 crore, total funds reach Rs 1,060 crore

Additionally, SpiceJet recently secured an additional fund raise of Rs 316 crore, bringing its total funds raised to Rs 1,060 crore through a preferential share issue. This fresh capital injection comes amidst the airline’s announcement of reducing its workforce by 10-15 percent.

In January, SpiceJet had received Rs 744 crore as the first tranche of funds through the allotment of securities on a preferential basis.

“The company has raised a total investment of Rs 1,060 crore. This significant capital infusion reaffirms investor confidence in SpiceJet’s growth prospects and strengthens our financial position for the future,” said Ajay Singh, Chairman and Managing Director at SpiceJet.

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