The board of SpiceJet is scheduled to meet on November 18 to consider and approve fundraising plans as the cash-starved airline battles mounting financial woes and struggles to sustain operations. SpiceJet faced a major setback on Thursday after Dubai International Airport cancelled all its flights on Friday over pending dues of around Rs 35.8 crore.
“…we hereby wish to inform you that a meeting of the 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 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…” said SpiceJet in a regulatory filing on Friday.
The airline, however, did not disclose in the filing the amount it intends to raise or if any investors have shown interest. A senior analyst at a brokerage firm said that given the airline's shares have plunged over 70% year to date, investors’ confidence in the airline is at an all-time low. Add to it, the airline’s market capitalisation at the bourses is just a little over RS 1,300 crore and as per September quarterly earnings, it had a negative net worth of over Rs 2,800 crore.
The proposed fund raising comes at a time when SpiceJet is grappling with operational challenges, including flight cancellations, a shrinking fleet and diminishing market share. The airline has been cancelling around 15-20 flights daily and only about a dozen of its aircraft remain operational. SpiceJet’s domestic market share, according to Directorate General of Civil Aviation (DGCA) data, fell to 0.6% in September from 1.2% in August.
Besides owing money to lessors and creditors, the airline hasn’t paid salaries to its staff for months. It also faces legal hurdles, including insolvency petitions filed by lessors and payment claims involving former promoter Kalanithi Maran and KAL Airways.
In September, the government said that SpiceJet had received Rs 150 crore under the Emergency Credit Line Guarantee Scheme (ECLGS).
SpiceJet also said that it will announce its overdue financial results by a December 7 deadline, days after the Bombay Stock Exchange (BSE) warned it would suspend trading in shares of the airline. SpiceJet had last disclosed its quarterly earnings in February 2026 wherein it reported a loss of Rs 269 crore in the three months ended December 2025 (Q3FY26).
