"SpiceJet is exploring options for fundraising. We are doing that by looking at investments from external parties, including other airlines, Singh said on the sidelines of an event organised by industry body ASSOCHAM. Singh and his family own 59.4 per cent of the airline, and the remaining is owned by the public. As much as 44.24] per cent of the promoter stake was pledged to the creditors (YES Bank, IDFC First Bank, and Indian Bank being the major ones) as on June 30 this year, according to the company filing on the BSE.
SpiceJet's market cap on Tuesday was 2,783 crore, according to the BSE.
Singh said funds were also being raised through the government-supported Emergency Credit Line Guarantee Scheme (ECLGS) and through the "sale and leaseback process using our new aircraft that are being delivered by Boeing"
Under the sale and leaseback process, an airline sells its planes to a lessor and immediately leases them back. The airline then pays a monthly lease amount to the lessor. This process helps the airline in maintaining liquidity.
The airline has passed a shareholder resolution saying it will raise up to 2,000 crore. Singh said some of the amounts have already been raised, Singh said. When asked how much stake would be put up for sale, he replied: "That depends on what offers are available to us. We will do everything in power so that SpiceJet remains a strong and vibrant player"
On the question of the airline also considering the Qualified Institutional Placement method to raise funds, he replied in affirmative, adding that SpiceJet was looking at all the options.
Singh said the airline would add seven new Boeing 737 Max planes to its fleet by the end of 2022. SpiceJet is currently operating 60 planes to run commercial flights, he added.
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