SpiceJet approves slump sale of cargo biz, raising Rs 2,500 cr via QIB

SpiceJet has also decided to buy AS Air Lease in the settlement with aircraft lessor Castlelake

SpiceJet Ltd will transfer its cargo business undertaking on a slump sale basis to its subsidiary SpiceXpress and Logistics Pvt Ltd (SXPL), said the company's BSE filing. In the filing, the airlines said that the transfer of cargo business undertaking shall be discharged by SXPL by the issuance of securities in the combination of equity shares and Compulsorily Convertible Debentures (CCDs) for an aggregate amount of Rs 2,555.77 crore.

"As a part of ongoing restructuring with aircraft lessors Carlyle Aviation Partner (or its affiliated entities) and other aircraft lessors, all these CCDs will be transferred to those aircraft lessors who agree