Aircraft lessor Carlyle Aviation Management Ltd will receive shares worth over ₹250 crore ($30 million) in SpiceJet as a part of settlement of lease dues.
This is the second such settlement between the two sides and Carlyle Aviation will be issued equity shares at a price of ₹100 apiece which is a premium of 62 per cent cent of its latest closing price.
SpiceJet's stock closed at ₹61.46 on Friday, a decline of 2.4 per cent over the previous close. The airline had a market capitalisation of ₹4,877 crore as per the latest stock price.
"Lessors will also consider purchasing, via the exchange of lease arrears, compulsorily convertible debentures (“CCDs”) of SpiceXpress & Logistics Private Limited (a subsidiary of the company) in a principal amount of $20 million, ranking senior to all other existing and future equity or equity-linked securities of SpiceXpress," the airline said in a stock exchange notification on Friday.
The financially struggling airline said that lease dues of over $137 million which have been adjusted to $97.5 million will be restructured through issue and purchase of shares, it added.