Shares of SpiceJet Ltd skyrocketed 7% higher on 22 February after the company announced receiving approval from the Board of Directors to raise funds for up to Rs 316 crore via preferential issue.

With this, the company will have raised a total investment of Rs 1,060 crore through preferential issues.

The company is planning to inject capital to revitalise its grounded aircraft, which are impacting the airline’s financial performance.

Earlier, the company recently introduced its vision for SpiceJet 3.0, with a goal of reactivating 25 grounded aircraft. Their ambitious revitalisation plan has attracted attention from the investor community, reporting 64 entities expressing interest in investing in the low-cost carrier.

Furthermore, SpiceJet is actively pursuing the acquisition of its bankrupt rival, GoFirst, to strengthen its market presence further.

The company said, “By strategically aligning their flight schedules and destinations, SpiceJet and the new airline can capture a larger market share and cater to diverse passenger needs effectively.”

At 3:30 pm, the shares of SpiceJet closed 2.13% higher at Rs 66.98 on NSE.