Articles for tag: Battling, Crore, dues, Financial, Investor, Raise, Seeks, Significant, Skepticism, SpiceJet, Turmoil

September 19, 2024

Amid financial turmoil, SpiceJet seeks to raise Rs 3,000 crore, battling significant dues and investor skepticism.

SpiceJet, facing significant financial challenges with dues over Rs 601 crore, has successfully attracted interest for its Rs 3,000 crore share sale to qualified institutional buyers. The placement has reportedly been oversubscribed, drawing attention from various investors, including several family offices. The funds raised will be crucial for the airline to settle outstanding statutory liabilities, ...

September 17, 2024

Market News

Business

SpiceJet sets a floor price to raise Rs 3,000 crore amid financial troubles and declining stock prices.

SpiceJet, the budget airline, has announced a floor price of Rs 64.79 per share for selling securities to qualified institutional buyers. The airline aims to raise up to Rs 3,000 crore, following approval from its shareholders last week. According to their placement document submitted to the BSE, SpiceJet might offer a discount of up to ...

September 11, 2024

Market News

Business

A consumer commission orders SpiceJet to refund a senior couple for a canceled flight, citing service deficiency and distress caused.

A Mumbai consumer commission has ordered SpiceJet to refund Rs 13,696 to a senior couple whose flight was canceled during the COVID-19 pandemic. The airline failed to issue the refund despite guidelines from the Supreme Court and the Directorate General of Civil Aviation. The couple had booked tickets in June 2020 for a flight scheduled ...

September 9, 2024

Market News

Business

Union Minister K Rammohan Naidu pledges support for struggling SpiceJet amidst soaring demand in India’s airline industry.

Union Minister K Rammohan Naidu has addressed the challenges faced by SpiceJet, emphasizing the government’s commitment to ensuring a balance in aviation operations amid rising demand in India. The airline is currently under increased scrutiny due to its financial and legal difficulties, with the Directorate General of Civil Aviation implementing enhanced surveillance measures. Naidu highlighted ...

August 29, 2024

Market News

Business

Facing turbulent times, SpiceJet has temporarily furloughed 150 cabin crew members for three months, citing a lean travel season and a reduced fleet size. This move, intended to secure long-term stability, comes amidst the airline’s ongoing struggles with prolonged losses, unpaid dues to lessors, and legal battles. Despite these challenges, SpiceJet assures that affected employees will maintain their health benefits and earned leave. The budget carrier, which last reported a profit in 2017-18, hopes to welcome the crew back following its upcoming fleet expansion, bolstered by a Rs 3,000 crore fundraising effort expected to complete by September.

Struggling with a severe cash crunch, budget airline SpiceJet has decided to furlough 150 of its cabin crew for three months. This latest move highlights the financial challenges the company faces. Find out how this decision impacts employees and the airline’s operations in our detailed report. Download Latest Movies in HD Quality Downloading In 15 ...

May 17, 2024

Market News

Business Current Affairs Today

Delhi High Court’s Decision on SpiceJet vs Sun Group: Current Affairs Question and Answers

Today’s Current Affairs: Delhi HC Overturns Order Directing SpiceJet to Refund ₹270 Crore to Kalanithi Maran The Delhi High Court’s Division Bench recently set aside a previous order by a single judge directing SpiceJet to refund over ₹270 crore to Sun Group promoter Kalanithi Maran. Justices Yashwant Varma and Ravinder Dudeja allowed the appeal filed ...