SpiceJet’s fundraise in doubt as lead investor dithers

The Mahapatras, who were supposed to invest nearly half the targeted Rs 2,250 crore, haven’t done so yet, forcing the Ajay Singh-led airline to seek more time to complete the exercise.

Low-cost airline SpiceJet’s crucial fundraising exercise, announced back in December, has been hit by a delay with its lead investor getting cold feet, according to two senior aviation executives tracking the development. They said that the lead investor, the Mahapatra family, may yet come back to the table, but for now is having second thoughts about putting in about Rs 1,100 crore in the airline. 

That is about half the Rs 2,250 crore that the Ajay Singh-led airline was hoping to raise. The hesitation of the Mahapatras—the husband-wife duo of Harihara and Preeti Mahapatra—is a setback for SpiceJet. It needed …


Prince M. Thomas

Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.

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