The bike was to be sold via auction to Hero Hero’s employees, associates, business partners, and stakeholders. This auction has generated a whopping Rs 8.6 crore which will be allotted for charitable initiatives.

The decision taken at the board meeting allows for multiple potential routes for fundraising, including a preferential allotment of shares, or a QIP.

SpiceJet has set a floor price of Rs 64.79 per share for the sale of securities to qualified institutional buyers through which the budget carrier aims to raise up to Rs 3,000 crore. Last week, shareholders approved a proposal to raise up to Rs 3,

SpiceJet aims to raise up to Rs 3,000 crore through a qualified institutional buyers (QIB) issue. The floor price has been set at Rs 64.79 per share. The budget carrier is seeking funds to address financial challenges and other obligations.

The stock of the company fell as much as 6.8% after the company raised Rs 3,000 crore though QIP, while it earlier announced to raise Rs 2,500 crore via qualified placement.

The airline has been making efforts to infuse funds to get more aircraft off the ground as well as to reduce the debt liability on the company.

The debt-ridden airline had earlier revealed plans to raise ₹2,500 crore through a qualified institutional placement (QIP) and ₹736 crore from previous warrants and promoter contributions.