Latest News | SpiceJet Shares Surge 9 Pc
Get latest articles and stories on Latest News at LatestLY. Shares of SpiceJet on Thursday jumped 9 per cent after the firm 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.
New Delhi, Dec 19 (PTI) Shares of SpiceJet on Thursday jumped 9 per cent after the firm 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.
The stock surged 8.97 per cent to close at Rs 61.33 on the BSE. During the day, it soared 10.14 per cent to Rs 61.99.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)