Airline company SpiceJet has suffered a lot due to the stoppage of aircraft operations due to the Corona epidemic. His annual income has also decreased. In such a situation, the company will raise money through QIP to meet the loss.
SpiceJet’s loss
Popular airline company SpiceJet has suffered a loss of Rs 998 crore in the financial year due to the Corona period, which was more than the loss of Rs 935 crore in FY 2015. In such a situation, the company has planned to raise Rs 2,500 crore through QIP to meet the loss. The airline reported this in the company’s annual report on Wednesday. The loss also affected the company’s shares. On Wednesday, Spiget’s stock closed at Rs 81, down 1.5%. However, the company’s board members expressed hope and said that the intensity with which the travel industry has been affected due to the second wave of COVID-19 will be rectified, although it may take some time.
The company board held a meeting to consider the financial results. It also allowed a proposal for shareholders’ approval to raise Rs 2,500 crore by issuance of eligible securities to Qualified Institutional Buyers (QIBs). SpiceJet Chairman and Managing Director Ajay Singh said, “These funds will be used to strengthen our balance sheet.”
The airline’s auditor said in its report that the losses for Q4FY21 and FY21 would have been higher by Rs 142 crore and Rs 533 crore respectively, had the company not recognized certain items such as compensation for B737 MAX from Boeing.
SpiceJet said that in the last financial year, the company faced many big challenges. There was a lockdown in most parts of the world. The demand for air travel has been severely affected due to the second wave of the pandemic in India. While the company expressed hope that even though the airline has suffered losses, the company continues to monitor the impact of the pandemic on its operations and financials, looking at different measures to ensure it stays in the longer term. has been.
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