Shares of SpiceJet were trading in the green and almost 3% higher on 11 January after the board approved the issue of shares and warrants on a preferential basis.

In its regulatory filing, the company said that the company’s board of directors has considered and approved the issue of 31.8 crore equity shares of the company at an average price of Rs 50 each on a preferential basis. As a part of the fundraising, the company will also issue 13 crore convertible warrants at an issue price of Rs 50 each.

Earlier, the company received approval from its shareholders to raise Rs 2,250 crore through the issuance of equity shares and warrants.

The proposal for the issue was put to the shareholders at the company’s 39th annual general meeting (AGM) that was held on 10 January.

The debt-ridden carrier hopes that the capital infusion will help it revive its grounded planes that continue to weigh on the airline’s financial results.

During the AGM, the company also unveiled its vision for SpiceJet 3.0, which aims to bring 25 grounded aircraft back into operation. These revitalisation plans have also piqued interest from the investor community, with 64 entities showing a willingness to invest in the company.

The company is also planning to acquire its bankrupt rival, GoFirst, which is part of its strategic plans to create a combined entity with a targeted market share of 25%.

At 1:00 pm, the shares of SpiceJet were trading 1.04% higher at Rs 66.12 on BSE.