SpiceJet shares were locked on 20% upper circuit on 6 September after nearly 3% of the company’s total equity changed hands on the BSE.

The stock is quoting at its highest level since February 2023.

In the past two days, the stock has gained more than 7% after the company’s board of directors allotted 34.17 million shares at an issue price of Rs 29.84 on a preferential basis to its promoter group company, SpiceJet Healthcare Pvt Ltd.

The board has also allotted 131.4 million warrants, having the option to apply for and be allotted the same amount of equity shares with the face value of Rs 10 each at an issue price of Rs 29.84 each on a preferential basis to SpiceJet Healthcare Pvt Ltd.

Moreover, the board has also allotted 48.12 million shares at an issue price of Rs 48 per share on a preferential basis to aircraft lessors consequent upon conversion of their existing outstanding dues amounting to Rs 231 crore.

The company is primarily in the business of providing air transport services for the carriage of passengers.

The company is also engaged in the business of cargo business for both international and domestic routes and has a fully integrated transportation network of ground transportation and warehousing facilities across the country.

At 3:30 pm, the shares of SpiceJet were locked at Rs 39.70 or 19.98% above its previous close of Rs 33.09 on BSE.