SpiceJet Board will meet on Wednesday, July 12, for consideration and approval of options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis.

Ajay Singh, Chairman and Managing Director, said, “There is absolutely no question of filing for insolvency. Any rumours regarding the same are completely baseless. We are focussed firmly on reviving our grounded fleet and getting more and more planes back into the air,” SpiceJet assured its investors that they are not planning to file for insolvency even as it faces a financial crunch. 

SpiceJet shares have been staggering over the past 12 months and have lost more than 24% in value, according to Trendlyne data. It has underperformed the Nifty50, which has given nearly 20% returns during this period. The stock is currently trading at a discount of 77% from its 52-week high of Rs 52.30.

Shares of SpiceJet gained 3.22% in early trade to Rs 30.45 apiece on Monday after the airline company was informed that its Board of Directors would meet on July 12 to consider and approve raising fresh capital.