Spicejet clears dues via shares
NEW DELHI : Low-cost carrier SpiceJet has announced the allotment of 4.81 crore of equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding ₹231 crore dues, the company announced through a statement filed with BSE today. Reportedly, the allotment committee of the board of directors of the company at its meeting passed several resolutions, including a ₹2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of ₹48 each to clear its outstanding dues.
The shares have been allotted to nine lessors.Further, the company also disclosed that it has on a preferential basis allotted 3.41 crore equity shares and 13.15 crore warrants at issue price of ₹29.84 each to Spice Health Care Private Ltd (an entity under ‘promoter group’). SpiceJet has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in sector.
SpiceJet, which in February converted around $100 million in dues to aircraft lessor Carlyle Aviation into equity and debentures, still finds itself in legal battles with other lessors over dues. Moreover, two weeks back, an Indian court ordered the airline to pay ₹100 crore by 10 September to former owner Kalanithi Maran over money owed.
SpiceJet owes a total of ₹397 crore to Maran. The fund crunch and grounded fleet has eroded SpiceJet’s market share to 4.2% as of July—lower than that of new entrant Akasa, which only began commercial operations in August 2022.
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