SpiceJet accepts GST, PF, salary dues over ₹500 cr as it tries to raise ₹3k cr by QIP
New Delhi: SpiceJet admitted not paying its GST, PF and other dues running into hundreds of crores. As per its statement filed to regulator, the company accepted statutory dues amounting to nearly ₹427 crore between April 2020 and August 2024, which includes ₹219 crore in tax deducted at source (TDS), ₹71 crore in goods and services tax (GST), and ₹135 crore towards provident fund (PF) contribution. These revelations were part of SpiceJet’s preliminary placement document, submitted to the BSE to raise up to ₹3,000 crore through a qualified institutional placement (QIP) process at a floor price of ₹64.79 per share. SpiceJet also admitted being in tough financial position which forced the management to ground its 36 of its 58 aircrafts due to unpaid dues to aircraft lessors, unable to afford aircraft maintenance, unpaid airport fees and no money for buying aircraft spare parts. To note, airline already had to send its many staff on three months unpaid leave as company was not in position to pay their salaries and company has owed about ₹119 crores to its employees. To stay operational, SpiceJet is trying to raise ₹3,000 crore by selling shares to eligible institutional participants through a Qualified Institutional Placement (QIP). As per now, Yes Bank has given consent for the QIP, but ICICI and Indian Bank are yet to do so, the airline stated.
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