SpiceJet board to discuss fresh fundraise on Nov 18
The airline faces ongoing legal disputes and operational constraints as it seeks to secure new funding on November 18.
Quick Look
- SpiceJet's Board of Directors will meet on November 18 to approve a fresh capital raise.
- The move follows significant financial and operational struggles and a recent Delhi High Court ruling rejecting the airline's request for more time to pay a Rs 144.51 crore debt.
AI-generated summary
Why It Matters
SpiceJet is involved in a long-standing legal dispute with Kalanithi Maran and KAL Airways regarding unpaid dues. The airline has faced repeated court orders to deposit funds.
New Delhi: SpiceJet's Board of Directors is scheduled to meet on November 18 to consider and approve a proposal to raise fresh capital, the airline said in a regulatory filing.
The development comes as the budget carrier continues to face significant financial and operational challenges, which have led to a reduction in its flight operations.
"Board of Directors of the Company is scheduled to be held on Wednesday, November 18, 2026, inter-alia, to consider and approve the proposal for raising of fresh capital," SpiceJet said in the exchange filing.
According to the filing, the fresh capital could be raised "by way of issuance of equity shares, preference shares, debt securities and/or other permissible instruments, through preferential issue, qualified institutions placement or any other mode."
The airline further stated that the "Trading Window for dealing in securities of the Company shall remain closed till further notice."
Meanwhile, SpiceJet has also faced setbacks in its ongoing legal dispute with Kalanithi Maran and KAL Airways.
On Tuesday, the Delhi High Court dismissed the airline's plea seeking additional time to deposit Rs 144.51 crore after it failed to deposit Rs 50 crore within the 45-day period it had earlier committed to.
Justice Vinod Kumar observed that the airline could not repeatedly seek extensions after failing to honour its own commitment. The court noted that it might have taken a lenient view on the timeline for the second instalment had SpiceJet deposited the initial Rs 50 crore as promised.
The court also rejected SpiceJet's proposal to offer a Gurugram property as security, noting that a similar request had been turned down on February 18, 2026, when the property was mortgaged.
Although the property was now reportedly free of encumbrances, the court maintained that the airline's failure to honour its commitment to deposit Rs 50 crore remained the key concern.
The development follows a Supreme Court order dated May 19, 2026, declining to interfere with the Delhi High Court's direction to deposit the awarded amount. Subsequently, SpiceJet and its Managing Director Ajay Singh sought additional time to comply with the order.
Meanwhile, SpiceJet shares closed higher at Rs 8.67 apiece on Friday, gaining Rs 0.41 or 4.96 per cent from the previous close of Rs 8.26.
The airline's market capitalisation stood at Rs 1,323.13 crore as of November 13, according to data available on the BSE.
What to Watch
AI outlook — possibilities, not facts
SpiceJet board meeting on November 18 to vote on capital raise.
Very likely · Within days
Open Questions
- Will the board approve the capital raise?
- How will the airline secure the required Rs 144.51 crore?