Shares of SpiceJet hit a 52-week high of Rs 69.20 on 19 December after the company announced its interest towards bidding for the bankrupt Go Airlines (India) Ltd, which is also known as Go First.

In its regulatory filing, the company said that this will help them create a strong and viable airline with the combination of Go FIrst and SpiceJet.

Earlier, the board also approved and began the process of raising fresh capital for around $270 million to strengthen the cash-starved company’s financial position and provide resources to invest in future growth plans.

Ajay Singh, CMD of SpiceJet, said, “The combination of SpiceJet and Go First will provide synergy and a sustainable business model.”

Aside from the company, Africa-focused Safrik Investments and Sharjah-based Sky One Company have also shown interest in buying Go First.

At 2:46 pm, the shares of SpiceJet were trading 3.47% higher at Rs 66.44 on NSE.