There could be rejig at top level at SpiceJet.
The airline's board decides to issue warrants to promoters on a preferential basis
This would be the third fund infusion in the airline by Maran since September 2011.
The Chennai office of Registrar of Companies sent the notice to the second-largest no-frills private carrier last month.
First investment by the group in aviation; deal size may be less than Rs 100 crore.
Three months after Sanjay Aggarwal resigned as chief executive officer (CEO) of SpiceJet, the airline announced the appointment of Neil Raymond Mills as the CEO.
While fares on the Delhi-Mumbai route have risen 45 per cent, Delhi-Bengaluru and Mumbai-Bengaluru tickets are priced 57 per cent and 42.5 per cent higher, respectively.
In a fresh trouble for the budget carrier SpiceJet, aircraft lessors have approached the aviation regulator DGCA, seeking its permission to repossess 11 Boeing planes of the airline, even as its revival plan is under review of the Civil Aviation Ministry.
Ajay Singh, one of the founder directors of Spicejet, has left the board of the low-cost airline, paving the way for restructuring of the company by its new owner Kalanithi Maran, the promoter of Sun TV.
The budget carrier was on the verge of collapsing in Dec.
Low cost carrier SpiceJet announced on Thursday the launch of a dedicated online web hotel reservation service, offering rooms in about 100 hotels in different parts of the country.
The airline management has now sought a meeting with civil aviation minister Ashok Gajapathi Raju to present the airline's plan.
SpiceJet COO says ATF price cut is need of the hour.
Growth in the domestic market in the second quarter was fuelled by low fares but this has impacted airline profits.
Airline says can't discuss dues publicly, denies grounding of planes
Shares of SpiceJet on Wednesday rose by over 19 per cent even as aviation regulator asked the no-frills carrier to immediately stop its offer of one-rupee fares across its domestic network.
There are few deals where the buyer and the seller both walk away happy. The SpiceJet deal is one, where each side had a price point for reference.
Though a formal purchase agreement with Boeing is yet to be signed, SpiceJet's order size could be of 40-50 planes, a source familiar with the development said. At list price, a 737 Max aircraft is valued at about $100 million (Rs 620 crore).
Shares of SpiceJet surged over 17 per cent on Monday after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of the company for more than Rs 13 crore (Rs 130 million) through open market.
The aviation authority is concerned about financial health of Air India, Spicejet and Jet Airways.
Sources said SpiceJet's deal with Boeing is worth around $1.4 billion as per the list price. When contacted, company officials, however, declined to comment on the valuation of the deal.
IndiGo declined to comment on the matter
US-based co-working operator WeWork, Lowe's India, SpiceJet and startups like CureFit stepped in to offer employment to the distressed workers at Jet.
SpiceJet on Tuesday said the private equity firm led by billionaire Wilbur Ross will invest $80 million (about Rs 345 crore) in the low cost airline.
Rising crude oil prices and muted passenger traffic in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24) have raised concerns about the profitability of listed aviation players. These two concerns have caused the stock of InterGlobe Aviation (IndiGo), the largest player in the sector, to slip by 11 per cent since its highs at the end of July. Nuvama Research expects yields to cool down in the near term due to seasonality, rising crude oil prices, and higher capacity.
Among the impacted flights, Air India's flight AI 185 from the national capital to Vancouver that was to depart early in the morning was rescheduled.
In a move that could be followed by major Indian airlines, no-frill carrier SpiceJet on Friday slashed air fares substantially by offering a limited-period sale of 10 lakh seats across its domestic network for an all-inclusive fare of Rs 2,013.
Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.
Singh holds more than 36.15 crore shares.
The Monopolies and Restrictive Trade Practices Commission has initiated two cases of unfair trade practice against low-cost carrier Spicejet.
Of the 243 listed flights, it claimed to have operated 75 across the country after 1600 hours on Wednesday.
IndiGo's passenger load factor, at 67% in July, fell six percentage points from the same month last year.
Troubled carrier SpiceJet has paid employees' salaries for November and cleared dues of fuel companies as well.
It has posted losses in four consecutive quarters as higher operating costs wiped out revenue gains.
A source said Mills was leaving the airline as he was not getting operational freedom to run the organisation.
Shares of SpiceJet zoomed almost 20 per cent on Friday on expectations of revival of the distressed air carrier.
The prospective owners of Indian low-cost carrier SpiceJet Ltd plan to cut the airline's fleet, shrink its network and return to a "plain vanilla" business model to achieve profitability, two people close to the investors said.
Global investment banking and securities firm Goldman Sachs has expressed interest in acquiring equity in Delhi-based SpiceJet even as top sources said talks for a merger with Kingfisher Airlines are on track.
The revised policy, which has come into effect since last week, means passengers who are looking to skip the long queues at airports will have to shell out a fee for it. For IndiGo, the lowest seat fees is Rs 100 while for SpiceJet it is Rs 99.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
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