Struggling SpiceJet to Raise $358 Million - India Report

Low-cost Indian carrier SpiceJet has secured its board's approval to raise up to INR 30 billion ($358 million) through institutional investors, a move disclosed in a filing to the Indian stock exchange on Tuesday.

This infusion of funds aims to help the airline reduce its debt and bolster its balance sheet, especially as it grapples with legal battles over unpaid dues to aircraft lessors, vendors, and suppliers.

SpiceJet recently announced a 72% reduction in its net loss versus last year. But, despite this improvement, the airline has posted losses for six straight years.

The financial woes of SpiceJet are further compounded by lessors taking legal action to recover unpaid dues and requesting the country's aviation regulator to de-register the airline's planes.

Struggling to raise funds, SpiceJet has faced challenges in getting its grounded jets back in the air, which has led to a loss in market share. In the June quarter this year, SpiceJet's market share fell to 4.2%, from 14.5% in the same