India's premier airline SpiceJet on Friday said that company's board will meet again on Monday, 27 February to mull raising fresh capital through issue of eligible securities to qualified institutional buyers.

“This is to inform you that the Board Meeting scheduled on February 24, 2023 to consider and approve, inter-alia, following items has been adjourned to February 27, 2023," the airline said in a regulatory filing. It will also discuss issuance of equity shares on a preferential basis for conversion of outstanding liabilities into equity shares of the company.

For the Q3 ended 31 December, 2022, SpiceJet's passenger revenue surged 33% as yields, a proxy for airfares, rose 21%. That helped offset a sharp fall in revenue from its freight and logistics business. Overall revenue was up 2% at Rs. 2,317 crore.

The chairman and managing director, Ajay Singh, said in a statement that "there are renewed signs of recovery and some very good developments and restructuring efforts in the immediate offing that would greatly strengthen and de-leverage our balance sheet."

The profit for the quarter under review increased to Rs. 110 crore. The results come as the cash-strapped airline seeks funding as industry competition heats up.

In the meantime, SpiceJet stock increased more than 12% as the business revealed a higher net profit of Rs. 110 crore for the three months ending in December of the previous year.

The stock price surged 12.31% to settle at Rs. 39.70 per piece on the BSE on Friday. During the day, it rallied 15.27% to Rs. 40.75.

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