SpiceJet shares fell as much as 6.8% to an intraday low of Rs 72.50 on BSE after the company launched a qualified institutional placement (QIP) to raise funds worth Rs 3,000 crore at a discount.
The base size of the issue is expected to be Rs 1,500 crore, with a green shoe option of Rs 1,500 crore, reported CNBC-TV18 citing sources. The floor price for the QIP was fixed at Rs 64.79 per equity share, which was at a discount of 16.7% to the closing price of September 17.
The indicative issue price for the QIP is said to be Rs 61.6 per share, which is a 20.8% discount to yesterday’s closing price on BSE, quoted CNBC-TV18 citing sources.
Earlier, the aviation company said that it secured approval to raise funds with an approval of 99.8%. Furthermore, the company announced a plan to raise Rs 2,500 crore via a QIP, earlier.
The stock of SpiceJet gave a return of 12% in the last five days while it has risen almost 31% in the past month. Shares of the debt-ridden company have raised investors’ wealth by 24% in the last six months and given a return of 94% in the last one year. However, it has fallen by almost 41% in the last five years.
To compare, the benchmark index Nifty 50 has risen 1.6% in the last five days and 3.4% in the past month. It has increased investors’ money by 125% in the last five years.