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.

With this allotment, the airline's paid-up equity share capital will increase from Rs 794.67 crore, representing 79.46 crore equity shares, to Rs 1,281.68 crore, representing 128.16 crore equity shares.

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

Shares of Sona BLW Precision Forgings increased by 3.4% to a high of Rs 738.95 on the BSE following the company's announcement of a successful Rs 2,400 crore raise through a Qualified Institutional Placement (QIP) on Tuesday.

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