SpiceJet approves $350 million fundraising, reports quarterly earnings

Indian low-cost carrier SpiceJet has approved a fundraising initiative through a qualified institutional placement (QIP) of shares, which is expected to be completed by the end of September this year. It comes after reporting its fiscal year first quarter results. It aims to raise 30bn Indian rupees ($357.34 million) to “further strengthen its financial position and support its growth plans”, it said in an update. The troubled airline explained: “This fresh infusion of funds will be pivotal in enabling the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness. These funds