SpiceJet Settles $23.39 million Dispute After Raising Rs 3000 Crore Via QIP - Details

Aircraft lessor Aircastle (Ireland) has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT). The decision to withdraw the case against SpiceJet came after the airline settled the $23.39 million dispute with Aircastle.

SpiceJet Settles $23.39 million Dispute After Raising Rs 3000 Crore Via QIP - Details

Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. According to the official records released by the airline on the exchanges, the settlement was reached for an aggregate sum of $5 million. The two sides also reached an agreement on the treatment of certain aircraft engines.

"Both parties opted for an amicable negotiation process, successfully avoiding prolonged courtroom proceedings. As part of the settlement, all ongoing litigations and disputes between the two parties have been withdrawn from the appropriate forums," SpiceJet said.

SpiceJet Raises Rs 3000 Crore Via QIP - In A Nutshell

As reported earlier by Republic Business, SpiceJet recently raised Rs 3000 crore through Qualified Institutional Placement.  The QIP attracted a diverse pool of top-tier institutional investors and mutual funds. The funds are being used to settle the ongoing disputes and clear debts - the airline said. Earlier this month, SpiceJet had announced the settlement of Rs 763 Crore dispute with Export Development Canada (EDC) for a total of $22.5 million. In doing so, the airline claimed that it had saved a whopping Rs 574 crore. 

SpiceJet Share Price Today

Meanwhile, SpiceJet shares climbed higher on Thursday. After opening at Rs 62 apiece, the scrip moved 1.43 per cent higher over its previous day's close to end the session at Rs 62.27. The 52-week high of SpiceJet shares is Rs 79.90, while its 52-week low is Rs 42.05.