According to reports, Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia have tendered their resignation as SpiceJet battles through a cash crunch
SpiceJet said that it is currently in the midst of a revival plan and has successfully completed the first tranche of capital infusion amounting to Rs 744 crore, with additional subscriptions pending regulatory approval.
Shares of SpiceJet Ltd zoomed 13% in the afternoon session today after the airline said it along with Busy Bee Airways, have jointly submitted a bid for acquiring bankrupt airline GoFirst. Shares of SpiceJet rose 13% to Rs 71.90 on BSE. Market cap of the airline rose to Rs 4,858 crore. The bid has been submitted by Ajay Singh, Chairman and Managing Director of SpiceJet, in his personal capacity, along with Busy Bee Airways Private Limited, SpiceJet said.
Cash-strapped SpiceJet is short on liquidity, and investors are apprehensive about fund infusion, CNBC-TV18 said, citing sources. Additionally, the airline company has also delayed salary payments to many of its employees.