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Aviation SpiceJet
SpiceJet on Tuesday said it will operate four special flights from Fujairah in the UAE to bring back stranded passengers. Flight operations have been disrupted due to the close of airspaces in the Middle East amid the escalating conflict involving US, Israel and Iran. In a statement, SpiceJet said it would operate four special flights to connect Fujairah with Delhi, Mumbai and Kochi on Tuesday and for the next few days. Out of them, two flights would be operated to Mumbai. The airline is also exploring the possibility of operating more special flights, subject to passenger requirements and regulatory approvals. SpiceJet will restore its scheduled Fujairah-Delhi and Fujairah-Mumbai flights from March 4, the statement said.
SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute. For the settlement, the airline will also pay USD 6 million to Genesis. The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities. Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums. In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over USD 16 million dispute. 'Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share,' it said. In September, Carlyle Aviation agreed to convert USD 30 million of lease arrears into SpiceJet equity at Rs 100 per share. Earlier,
SpiceJet has set a floor price of Rs 64.79 per share for the sale of securities to qualified institutional buyers through which the budget carrier aims to raise up to Rs 3,000 crore. Last week, shareholders approved a proposal to raise up to Rs 3,000 crore. According to the preliminary placement document, a copy of which has been submitted to the BSE, the floor price has been set at Rs 64.79 per share. "Our company may offer a discount of not more than 5 per cent on the floor price in accordance with the approval of the shareholders by way of special resolution pursuant to postal ballot dated on September 13, 2024, and in terms of Regulation 176(1) of the SEBI ICDR Regulations," it said. The shares will be issued only to eligible Qualified Institutional Buyers (QIBs). The no-frills carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations. Shares
SpiceJet promoter and chairman Ajay Singh may offload more than 10 per cent stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. The budget carrier -- which is grappling with multiple woes, including financial challenges, legal battles and grounding of aircraft -- is looking to raise money that will help it meet various obligations. One of the sources said that Singh could offload up to a 15 per cent stake in the airline if certain conditions are conducive. Singh, who is the Chairman and Managing Director, would be offloading around 10 per cent shareholding in the airline and the quantum could go up, the second source said. For the proposed QIP (Qualified Institutional Placement), there is already a commitment for up to Rs 2,000 crore and the airline is in discussions with potential investors. Meetings with investors have been held in India and overseas, the sources in the know said. There was
Delhi airport operator DIAL has asked SpiceJet to clear its dues at the earliest, sources said on Tuesday even as the airline asserted that there are no immediate concerns regarding payments. There was no official comment from DIAL (Delhi International Airport Ltd), which operates the Indira Gandhi International Airport in the national capital. SpiceJet has been facing financial and legal woes, and aviation watchdog DGCA placed the budget carrier under enhanced surveillance last week. The sources in the know on Tuesday said DIAL has asked the carrier to clear the dues at the earliest. Details about pending dues could not be immediately ascertained. When contacted, a SpiceJet spokesperson said it continues to operate flights normally and that its "payment obligations to DIAL are being fulfilled as per our regular schedule". The spokesperson also said that information suggesting that DIAL has issued a two-day deadline for payment is incorrect. "Our communications with DIAL are ong