SpiceJet's 3,000-cr QIP oversubscribed

NEW DELHI: SpiceJet is now looking at a lifeline with its crucial fundraising exercise learnt to be finding favour with investors. The airline's Rs 3,000-crore QIP has been oversubscribed , say sources. The likely investors include institutional funds like Tata Mutual Fund , Bandhan Bank, Discovery Fund, Plutus, Jupiter Fund Management and Think Investments. Family offices of ace investors Madhu Kela, Akash Bhanshali, Sanjay Dangi and Rohit Kothari are also learnt to have subscribed to the QIP.

A Correction:

SpiceJet's TDS and PF dues to employees are over Rs 350 crore and not Rs 3,500 crore as inadvertently reported on Wednesday. The error is regretted. The airline's preliminary placement document (PPD) says it has not paid about Rs 220 crore TDS that was deducted from employees' salary between April 2020 and Aug 2023 to tax authorities and also not paid over Rs 135.3 crore PF to staffers in the same period. The airline's PPD filed with BSE says about Rs 72 crore TDS for AY 2009-10 to 2013-14 Is 'disputed'.