Last Updated: February 27, 2023, 12:49 IST
SpiceJet to Sell Cargo Biz To Subsidiary, To Raise Up To Rs 2,500 Crore via QIP. (Photo: IANS)
Carlyle Aviation Partners has agreed to convert its excellent lease rental into fairness
Spicejet’s board has permitted the droop sale of cargo enterprise to its subsidiary SpiceXpress and Logistics Pvt Ltd (SXPL). SXPL will problem Rs 2,556 crore price of fairness shares and debentures to the corporate for the logistics enterprise, in accordance to a BSE submitting on Monday.
Spicejet’s board on Monday additionally permitted the issuance of of certified institutional placement (QIP) for up to Rs 2,500 crore, aside from asserting settlement with plane kessir castlelake.
“In phrases of particular decision(s) handed by members of the Company and topic to receipt of ultimate NOC of the lenders, the Board of Directors of the Company has agreed to enter right into a enterprise switch settlement with its subsidiary specifically SpiceXpress and Logistics Private Limited (SXPL) for switch of its cargo enterprise enterprise as a going concern, on droop sale foundation,” according to the BSE filing.
It added that accordingly, cargo business shall be exclusively undertaken by SXPL effective April 1, 2023 or such other date as may be finalised. The consideration for said transfer of cargo business undertaking shall be discharged by SXPL by issuance of securities in the combination of equity shares and compulsorily convertible debentures (CCDs) to the company for an aggregate amount of Rs 2,555.77 crore.
According to the filing, Carlyle Aviation Partners, one of its biggest lessors, has agreed to convert its outstanding lease rental into equity.
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