Over 95 per cent of allocations were made to marquee long-only investors such as mutual funds, insurance and pension funds, and foreign institutional investors, according to the company.

SpiceJet has received shareholder approval to raise up to Rs 3,000 crore through a special resolution. The airline intends to use the funds to improve its financial situation and return to full operational capacity.

The decision taken at the board meeting allows for multiple potential routes for fundraising, including a preferential allotment of shares, or a QIP.

SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline