SpiceJet to raise USD 75 million for fleet and route expansion programme

According to a PTI report, SpiceJet has announced that it will raise USD 75 million (about Rs 355 crore) through sale of shares or bonds to fund its fleet and route expansion programme. In a filing to the Bombay Stock Exchange (BSE), the company stated that the board of SpiceJet has passed an enabling resolution to raise funds not exceeding USD 75 million through any combination of instruments either locally or abroad. The company will raise the funds by issuing shares or bonds and the proposal is subject to shareholders approval. In its earlier filing to the BSE, the company informed that it plans to induct five new aircraft during the year to capitalise on demand. SpiceJet has received government approval to fly to several South Asian Association for Regional Cooperation (SAARC) countries and is in the process of planning and launching services to these countries. http://www.travelbizmonitor.com/spicejet-to-raise-usd-75-million-for-fleet-and-route-expansion-programme-10441