SpiceJet shares climbed on Monday after the airline announced plans to list on the National Stock Exchange (NSE).

What Happened: The board of the financially challenged airline convened on December 11 to explore options for securing fresh capital, contemplating the issuance of equity or convertible securities on a preferential basis.

Although the airline refrained from specifying the listing date in its exchange filing, it assured stakeholders that the event would occur “soon.”

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Why It Matters: On December 5, the National Company Law Tribunal (NCLT) rejected a plea by aircraft lessor Willis Lease Finance to initiate insolvency proceedings against SpiceJet due to outstanding dues.

Previously, three aircraft lessors filed four insolvency pleas against SpiceJet for non-payment of dues. Additionally, a tech services provider also lodged an insolvency plea against the airline.

Confronting operational challenges and delays at airports in Pune, Patna and New Delhi, the debt-laden airline is navigating through testing times.

Significantly, SpiceJet promoter Ajay Singh is reportedly in talks with global private credit funds to raise up to $100 million (₹833.9 crore). The funds are earmarked for refinancing a portion of the promoter’s debt and potentially injecting fresh equity into the airline.

For the first quarter of FY24, SpiceJet reported a standalone net profit of ₹204.56 crore, marking a notable turnaround from the ₹788.83 crore net loss it posted last year. The airline is yet to disclose its financial results for the September quarter.

Price Action: Spicejet’s share price was up 9.68% at ₹60.29 in afternoon trade on Monday, easing a little after gaining more than 10% earlier in the session.

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