Spicejet shares surge more than 9% as company announces expansion of its fleet by 10 planes

As of 2:08 pm Spicejet is trading at ₹62.66 a piece, up by 8.86% or ₹5.10 on the BSE.

The company hit its 52-week high on September 16 after it announced that it had secured fresh capital worth ₹3,000 crore via QIP.

While seven of the 10 aeroplanes will be acquired on lease, the other three are being reintroduced to the fleet after they were previously grounded, the Gurugram based company said in a press release.

“The airline has already signed agreements for the leased aircraft, with the full induction of all seven planes expected by November 15. Two of these leased aircraft have already arrived in India and are scheduled for immediate induction. SpiceJet will also operationalise its grounded planes in phases, with the first three set to re-enter service before the end of November,” the release further stated.

This comes on the back of Spicejet securing ₹3,000 crore in fresh capital through qualified institutional placement (QIP) late September. In addition, the aviation company is set to receive an additional ₹736 crore from a previous funding round.

The aviation company has nineteen operational aircrafts of which 36 have been grounded according to live aircraft fleet tracking website, Planespotter, PTI reported.

A special audit conducted in August this year revealed “certain deficiencies” in the company’s engineering facilities which led the Directorate General of Civil Aviation (DGCA) to place Spicejet under enhanced surveillance.