Low-cost carrier SpiceJet on Wednesday reported a loss of ₹235 crore for the quarter ended March 31. For the financial year 2020-21, the airline incurred a loss of ₹998 crore.
The board approved plans to raise fresh capital of up to ₹2,500 crore through the issue of eligible securities to qualified institutional buyers.
“These funds will be used to significantly strengthen our balance sheet,” the airline’s CMD Ajay Singh said. The airline has also decided to hive off the cargo business, SpiceXpress, as a separate entity.
Revenue from cargo jumped more than sixfold to ₹1,117.5 crore in FY21.
