SpiceJet claims to have cleared 10-month PF, salary and GST dues : Airlines SpiceJet, which is facing financial crisis, has said that it has settled many of its dues by raising an amount of Rs 3,000 crore. On Friday, the company announced that it has deposited the outstanding salaries of its employees and 10 months of provident fund (PF) dues. Along with this, the company has also given information about payment of Goods and Services Tax (GST) dues. Although SpiceJet is still facing many challenges, this step is considered important to improve the financial condition of the company and stabilize the company.
The company gave information on Friday
SpiceJet said in a statement issued on Friday that it has used the amount of Rs 3,000 crore raised through Qualified Institutional Placement (QIP) to clear the outstanding salaries, GST and PF dues of its employees. A company spokesperson said that all dues have been settled within the first week of QIP. According to the company spokesperson, the process of settlement of dues is still going on and other financial responsibilities will be completed soon. The company plans to improve its operations and financial position to face further crises.
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QIP raised Rs 3,000 crore in September
SpiceJet had informed about raising Rs 3,000 crore on September 23. This amount was raised through Qualified Institutional Placement (QIP). Several large institutional investors participated in this QIP, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund and Discovery Global Opportunities Limited.
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Agreement with aircraft lessors
SpiceJet has also recently entered into agreements with aircraft lessors, which has improved the financial condition of the company. The company was facing financial problems as well as legal challenges. SpiceJet currently has to operate services with fewer aircraft. On Friday, SpiceJet shares fell 4.25% on BSE and closed at Rs 62.79 per share.
