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Awaiting price reaction for this filing.
SpiceJet filed three Monitoring Agency Reports from CARE Ratings covering its fund-raising activities: (1) a Rs. 494.09 crore preferential issue to Spice Healthcare Pvt Ltd (Sept 2023), where Rs. 145.37 crore was utilised in Q1FY26 and Rs. 143.72 crore remains unutilised (parked in Yes Bank FDRs), with funds reallocated from statutory obligations to fleet operating expenses (raised to Rs. 300 crore); (2) a Rs. 2,241.50 crore preferential issue (Jan–Feb 2024), which was undersubscribed and reduced to Rs. 1,060 crore, with Rs. 381.81 crore still unutilised, Rs. 348.50 crore in pending warrant conversions, Rs. 33.31 crore of Silver Stallion warrants expired on July 25, 2025, and ATF expenses were over-utilised by Rs. 38.88 crore in Q2FY25 without shareholder approval; and (3) a Rs. 3,000 crore QIP (Sept 2024), with the detailed report attachment truncated. FY25 showed negative operating profits, though PAT was positive due to one-time gains from lease restructuring.
Investors should note ongoing delays in fund utilisation across all three issues, reallocation of proceeds toward fleet operations, an expired warrant tranche, a regulatory hurdle affecting Elara's warrant conversion, and prior shareholder approval gaps — all pointing to continued funding and governance headwinds despite a positive PAT in FY25.