SpiceJet's operational challenges are clear, having reduced its fleet from 74 planes in 2019 to around 20 aircraft currently in operation. On Friday, the company’s shares closed 3.25% lower at Rs 66.16 on the Bombay Stock Exchange (BSE).

It announced the closure of the QIP pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers

SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline

SpiceJet has received shareholder approval to raise up to Rs 3,000 crore through a special resolution. The airline intends to use the funds to improve its financial situation and return to full operational capacity.