A SpiceJet passenger plane taxis on the tarmac at Chhatrapati Shivaji International Airport in Mumbai, India, May 29, 2023. REUTERS/Francis Mascarenhas
| Photo Credit: FRANCIS MASCARENHAS
Low value service SpiceJet has cleared its monetary dues of ₹100 crore to City Union Bank Ltd., as per its schedule.
“We received the last due of ₹25 crore on June 30, 2023 and released the pledged shares,” mentioned a high financial institution official.
“It was not a bad loan as they have been paying the loan amount regularly along with interest as per the schedule and they have fulfilled their promises,” he mentioned.
While rescheduling the mortgage, the financial institution had requested SpiceJet in August 2022 to pay ₹3 crore instantly. The promoters agreed to clear the remaining dues in a phased method with June 2023 being the ultimate date. At that point, the promoters of the low-cost service additionally pledged two crore shares, which had been valued at over ₹90 crore a 12 months in the past.
During the closing session, shares of the corporate gained ₹3.39 or 12.44% to shut at ₹30.64 on BSE Monday.
