Low-cost air carrier SpiceJet is looking at ways to raise around $75 million (Rs 335 crore). The airline has given the mandate to IDFC-SSKI for raising funds through preferential allotment of shares and strategic sale. "IDFC-SSKI is working on it and the money will be raised through both preferential allotment of shares and strategic sale," said a Mumbai-based investment banker, who is associated in this deal.
The current financial year would be a twilight year for the Indian information technology sector as the earnings of these companies may witness a declining trend, while there stocks could deliver positive returns, a report says.
The report further said at a time when there is increasing concern over the funding of infrastructure projects by private players, the government has come to the rescue and its push to drive infrastructure spending can sustain the space in the medium term. It further highlighted that private players are facing bottlenecks because at present their access to capital is constrained and complete drying up of equity funding as risk aversion took over.
The sequential expansion in margin was also going to continue as 'largely stable lending rates, coupled with traction in credit growth would support margins in the second half of FY10,' the report said.
The company is still short of over Rs 4500 crore (Rs 45 billion) to refinance the debt which is due before June 2 this year. The company had planned to raise the fund for refinancing through three routes. It planned to raise about Rs 4200 crore through rights issues which it managed after the issue devolved on underwriters in October as the stock prices were tumbling globally following the economic crisis.
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