SpiceJet plans to raise Rs 300 crore debt

Spice-Jet plans to raise a low-cost debt of Rs 300 crore as part of recapitalisation to shore up its finances after the budget carrier changed hands earlier this year, said a senior executive.

The debt is likely to be used to part-fund the airline's expansion plan. In a filing to the stock exchange on Thursday,

SpiceJetBSE 1.12 % said it plans to expand its fleet by 40 per cent to 50 planes by March 2016.

SpiceJet's promoter Ajay Singh has put in Rs 550 crore into the airline. Singh, who took over from media baron Kalanithi

Maran in February, had earlier indicated that a total of Rs 1,200 crore will be pumped into the struggling carrier and a "blue-chip investor" was brought on board.
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