SpiceJet has denied a news report that it plans to raise Rs750 crore through a qualified institutional place (QIP). Whether or not the company is looking to raise money, the fact is that the airline has extremely low amounts of cash on its books, and needs to bolster its balance sheet with a fund-raise sooner than later. As on 30 September, the airline had cash and cash equivalents worth Rs93 crore and a negative networth of about Rs850 crore.
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