SpiceJet allots shares to lessors to cut ₹231 crores dues – Times of India

NEW DELHI: SpiceJet on Monday approved allotting 4.8 crore shares to nine aircraft lessors to reduce its dues by Rs 231 crore. The shares will be allotted at Rs 48 apiece – a premium of 54% over Monday’s closing price of Rs 31.1 on the BSE.
The cash-strapped airline had earlier also given equity to aircraft lessors in the wake of mounting dues. The airline’s board on Monday also approved the allotment of 3.4 crore equity shares and 13.1 crore warrants at an issue price of Rs 29.84 each to promoter Ajay Singh‘s group Spice Healthcare.
The airline has been struggling to survive as it faces multiple insolvency pleas and court cases from unpaid stakeholders, including former promoter Kalanithi Maran who has to be paid Rs 380 crore as per a Supreme Court ruling this July. Lessors have taken back several aircraft from SpiceJet as the airline tries to raise funds for several purposes, including getting more planes in the air. Ajay Singh in July promised to infuse Rs 500 crore into the airline.
In a BSE filing on Monday, SpiceJet said its allotment committee of the board of directors approved an “…allotment of over 4.8 crore equity shares of the face value of Rs 10 each at an issue price of Rs 48 each on preferential basis to (nine) aircraft lessors consequent upon conversion of their existing outstanding dues aggregating to over Rs 231 crore.”

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