Please see attached Notice of 41st Annual General Meeting of SpiceJet Limited
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SpiceJet has filed its 41st AGM notice scheduled for September 30, 2025 at 12:00 noon via video conferencing, along with its Annual Report for FY 2024-25. Key items include adoption of FY25 financial statements, reappointment of Mrs. Shiwani Singh as Director, and appointment of M/s Kalyaniwalla & Mistry LLP as new Statutory Auditors for a 5-year term replacing Walker Chandiok & Co LLP. Two special resolutions seek shareholder approval to issue up to 10.42 crore equity shares to nine aircraft lessors at Rs. 42.32/share (totalling ~Rs. 440.82 crore) and up to 83.34 lakh shares to GASL Aviation Holdings (totalling ~Rs. 35.27 crore), both on a preferential basis to convert outstanding dues of up to USD 54 million. M/s Mahesh Gupta & Co. is proposed as Secretarial Auditor for FY 2025-26 to FY 2029-30. FY25 highlights from the report include total income of Rs. 9,915 crore (up 47% YoY), net worth turning positive at Rs. 683 crore after a decade, Rs. 3,000 crore QIP completed in September 2024, and Rs. 294 crore promoter equity infusion, though a net loss of Rs. 1,503 crore was reported for the year.
Existing shareholders will face significant dilution of approximately 11.25 crore new shares (about 11% increase in equity base) issued to aircraft lessors to settle legacy dues rather than for fresh capital. The auditor change and preferential allotments signal ongoing balance sheet cleanup, while the reported FY25 net loss despite higher revenue highlights that the airline's turnaround is still fragile despite positive net worth.