Shares of SpiceJet Ltd. rose by almost 4% to touch a day’s high of Rs 58.27 on 19 July, after the company’s board of directors decided to meet on 23 July for the consideration and approval for raising fresh capital via QIP as per their stock filing today.

Prior to this week, the chairman of SpiceJet mentioned exploring fresh funds to enhance growth and meet rising demands.

In February, the company’s board approved raising Rs 316 crore via preferential shares. These funds were targeted to revive a grounded aircraft, which was affecting them financially.

The firm reported a six-fold increase in standalone net profit to Rs 119 crore for the Jan-Mar quarter of FY24, during the same period in last year, the net profit was Rs 17 crore.

EBITDA profit for Q4 was Rs 366 crore, up from Rs 344 crore in the previous year. For the entirety of the year, the airline depleted its losses by almost 73%.

The post tax loss for this year was around Rs 409 crore, whereas for the previous year, it was Rs 1,503 crore.

The market cap of SpiceJet jumped to Rs 4482.74 crore, stock has lost 7% this year but risen 90% in a year. The relative strength index is 52.4, indicating neutral trading conditions and has a beta of 1, showing average volatility over a year.

At 10:45 AM, the shares of SpiceJet were trading 2.39% higher at Rs 56.60 on BSE.