SpiceJet to List Shares on NSE; Scrip Jumps Over 8%

No-frills airline SpiceJet on Monday said it will soon be listing its securities on the National Stock Exchange (NSE). Crisis-hit SpiceJet’s shares jumped over 8 per cent in the morning trade on the BSE.

On Monday, shares of the company soared 8.46 per cent to Rs 59.62 apiece on the BSE. The 30-share Sensex was trading marginally higher at 69,918.80 points.

In order to reach a wider investor base, “the company shall soon be listing its securities on National Stock Exchange of India Limited”, the airline said in a regulatory filing. There are various requirements, including financial parameters, that need to be fulfilled by companies to get listed on the NSE.

SpiceJet, which has been grappling with multiple headwinds, including issues with aircraft lessors, is looking to raise funds. Last week, the airline said that its board will discuss and consider options for raising fresh capital through issue of equity shares and/or convertible securities on a preferential basis.

Following this announcement, on December 7, Thursday, Spicejet’s shares surged 20 per cent to hit upper circuit.

On December 8, Friday, SpiceJet said one of its aircraft which was seized and grounded in Dubai in late October due to litigation has now been released following an order of the Dubai International Financial Centre (DIFC) Court. In a DIFC Court hearing on December 7, the Order was discharged in favour of SpiceJet, SpiceJet said in a statement.

Additionally, the Judge has directed an inquiry into losses suffered by SpiceJet as a result of the Order having been made. The Court has further ordered to pay towards the legal costs incurred by SpiceJet, the airline claimed in the statement. According to SpiceJet, the DIFC Court on October 30 issued a freezing order (Order) in relation to certain engines installed on aircraft bearing Indian registration, VT-SLM.