SpiceJet to get Rs 500 crore from promoter Ajay Singh

financialexpress.com:

SpiceJet promoter Ajay Singh will infuse Rs 500 crore into the airline, a move that will help boost its financial position amid multiple headwinds.The fresh equity infusion will help the carrier in accessing additional credit facilities of Rs 206 crore under the Emergency Credit Line Guarantee Scheme (ECLGS), it said in a statement on Wednesday.

The board of SpiceJet on Wednesday considered options for raising fresh capital.”Ajay Singh, promoter of the company, in order to strengthen the financial position of the company, offered to infuse Rs 500 crore,” the statement said.

Singh, who is the Chairman and Managing Director of SpiceJet, said he is pleased to infuse Rs 500 crore into the company. “SpiceJet has a bright future and I am committed to helping it achieve its full potential. This investment will allow the airline to accelerate its growth plans and capture new opportunities in the market, grow its revenue and profits,” he said.