SpiceJet stock surged 10% on September 23 as the airline obtained Rs 3,000 crore by selling shares to qualified institutional buyers (QIBs), providing a huge boost to the struggling low-cost carrier.

SpiceJet had declared that it had obtained clearance to raise cash through a postal poll on September 13, a resolution that gained 99.8% acceptance. The debt-ridden airline had previously announced plans to collect Rs 2,500 crore via a QIP and Rs736 crore through prior warrants and promoter contributions.

Foreign investors, including Societe Generale-ODI, Goldman Sachs (Singapore) Pte - ODI, Discovery Global Opportunity (Mauritius) Ltd, Authum Infrastructure and Investment, and Troo Capital, have received shares in the airline's oversubscribed QIP.

SpiceJet will receive an extra Rs 750 crore from prior financing. "This fundraising effort marks a watershed moment for SpiceJet as we strive to reach new heights in the aviation industry," said chairman and managing director Ajay Singh. With this fresh funding, the airline is "determined to paint the skies red once again."

SpiceJet intends to utilize the profits of this QIP to address obligations, restructure leases, and grow its fleet by reviving grounded aircraft and acquiring new ones. The airline's liquidity issue is visible in monthly aviation stats, which show that its market share decreased to 3.1% in July.

Additionally, SpiceJet placed around 150 cabin workers on Leave Without Pay (LWP) and had to cancel flights from Dubai.

According to the Directorate General of Civil Aviation (DGCA), SpiceJet's domestic market share dropped to a historic low of 2.3 percent in August, down from 5.6 percent at the start of the year. This fall highlights the company's persistent financial woes, which have been worsened by lease conflicts and technical concerns that have grounded a major chunk of its fleet.

SpiceJet shares were trading nearly 7% higher on the BSE at Rs 70.80 as of 10:50 a.m. The stock has risen 100 percent in the last year, more than tripling investors' cash. In comparison, the Sensex surged 28%.