SpiceJet shares rally 8% on settling over $16 million dispute with Genesis
SpiceJet rallied 7.8% to an intraday high of Rs 60.70 on the BSE on Thursday after the company announced that it has settled its over $16 million dispute with Genesis.
As part of the agreement, SpiceJet will settle $6 million with Genesis, while Genesis will invest $4 million in SpiceJet equity at a valuation of Rs 100 per share.
“SpiceJet has reached an amicable settlement with Genesis, resolving their over $16 million dispute. Under the agreement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity at a price of INR 100 per share,” said the company in an exchange filing.
Both parties have agreed to withdraw all related litigations and disputes upon fulfilling the settlement terms.
The agreement will result in a significant saving for the airline as it navigates a robust path toward long-term growth. SpiceJet's settlement with Genesis aims to highlight its focus on financial stability, operational resilience, and reducing legal liabilities.
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