SpiceJet shares jump up to 10% after raising ₹3,000 crore via QIP

The stock hit an intraday high of ₹72.8 apiece, up 10%, on the BSE. However, the scrip pared some gains and was trading 4.8% higher at ₹69.3 a unit at 12:10 pm.

The QIP, which was open from September 16 to September 18, got robust response from qualified investors and was significantly oversubscribed, reflecting strong confidence in the growth prospects of the company, SpiceJet said in a statement.

Apart from ₹3,000 crore funding, the low-cost carrier received an additional ₹736 crore from the previous round of funding.

The money raised will be utilised to operationalise grounded planes, acquire new aircraft, invest in technology, and grow into new markets.

"The strong response from investors and institutions is a testament to their faith in SpiceJet's potential to rapidly scale and become a formidable player in India's burgeoning aviation market," said Ajay Singh, Chairman and Managing Director of SpiceJet.