SpiceJet issues shares to lessors to clear ₹231 crore dues

livemint.com:

₹231 crore, the company announced through a statement filed with the BSE here today. Reportedly, the shareholders 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 nine lessors who have been allotted the shares include - SASOF III (A13) Aviation Ireland DAC, SASOF III (A6) Aviation Ireland DAC, SASOF III (C) Aviation Ireland DAC, SASOF III (E) Aviation Ireland DAC, SASOF III (A19) Aviation Ireland DAC, SASOF II (J) Aviation Ireland DAC Citrine Aircraft Leasing Limited, Fly Aircraft Holdings Seven Limited, Fly Aircraft Holdings One Limited. The company also disclosed that it has further 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 Limited (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 the sector. The legal battles, fund crunch, and grounded fleet have eroded the airline’s market share to 4.2% as of July - lower than that of new entrant Akasa Air.

SpiceJet, which in February converted around $100 million in dues to aircraft lessor Carlyle Aviation into equity and debentures, is still entangled in legal battles with other lessors over dues. Moreover, a fortnight ago, the Delhi High Court had ordered the airline to pay ₹100 crore by 10 September to former owner Kalanithi Maran over money owed.