This airline stock jumped 20% in Wednesday’s trading session as the promoter group company Spice Healthcare Private Limited buys 3.14 crore stake in the company on preferential basis.
Share price of SpiceJet opened at Rs. 34 levels and gained another 20% to reach its intra- day high of Rs. 39.70 per piece. The stock is trading at a discount of 29.71%.
On 5 September 2023, the company informed the exchange about an extension of three months to conduct the Annual General Meeting for the financial year ended March 2023. Accordingly, the AGM will take place on or before December 31, 2023.
On 4 September 2023, SpiceJet Limited issued and allotted 3.14 crore shares of face value of Rs. 10 each for Rs.29.84 apiece along with 13.1 crore warrants having option to apply and be allotted equivalent number of equity shares of face value of Rs. 10 each for Rs. 29.84 per share on a preferential basis to Spice Healthcare.
Further, the company allotted 4.81 crore equity shares of face value of Rs. 10 each for Rs. 48 per share to nine of its aircraft lessors in order to clear its outstanding dues of Rs. 231 crore on a preferential basis.
As per its recent financial statements, the company has made a revenue of Rs. 2003.59 crore in Q1FY24, a fall of 6.5% from Rs. 2145.07 crore in Q4FY23. Its net loss of Rs. 6.2 crore in Q4FY23 turned out to be a net profit of Rs. 197.65 crore in Q1FY24. The company’s net profit margin which was 0.29% in Q4FY23 increased to 9.86% in Q1FY24. It maintains a low debt to equity ratio of -0.25.
SpiceJet Limited is an Indian airline company based out of Gurgaon, Haryana.it is known to be a low- cost airline and covers remote parts of the country. Spicejet was earlier known as Royal Airways and it was later budgeted low in order to gain a new customer base and change the overview of the company.
Written by Bhumika Khandelwal
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