The budget airline, which recently raised Rs 3,000 crore amid financial challenges, is settling various disputes with lessors and other entities.
SpiceJet shares jumped 9 percent on Thursday after the company said aircraft lessor Genesis will buy a stake in the airline worth USD 4 million as part of settling a dispute worth over USD 16 million.
The stock closed 8.97 percent higher at Rs 61.33 on the BSE. During the day, it rose 10.14 percent to Rs 61.99.
For the settlement, the airline will also pay USD 6 million to Genesis.
The budget airline, which recently raised Rs 3,000 crore amid financial challenges, is settling various disputes with lessors and other entities.
Subject to the fulfilment of settlement conditions, SpiceJet said both parties have agreed to withdraw all ongoing litigation and disputes relating to the matter at appropriate forums.
The airline said in a release that it has reached an amicable settlement with Genesis, resolving their dispute of over USD 16 million. “Under the settlement, SpiceJet will pay USD 6 million to Genesis and Genesis will acquire SpiceJet’s equity worth USD 4 million at a price of Rs 100 per share,” it said.
