FIIs increase stake in Q1: Airline stock under Rs 70 in green as company announces restructuring and settlement agreement with Carlyle Aviation
The stock is up by 96.8 per cent from its 52-week low of Rs 34 per share.
Today, shares of SpiceJet Ltd gained 2.03 per cent to Rs 66.90 per share from its previous closing of Rs 65.57 per share. The stock’s 52-week high is Rs 77.50 and its 52-week low is Rs34. Today, a total of 28 lakh shares changed hands on BSE.
SpiceJet Ltd - Carlyle Aviation Restructuring and Settlement Agreement
- Significant Debt Relief: As part of the settlement agreement, Carlyle Aviation will write off USD 40.17 million in lease arrears.
- Carlyle Aviation Converts Debt into Equity: Carlyle Aviation will convert USD 30 million in lease arrears into SpiceJet equity at INR 100 per share, significantly increasing its stake in the airline.
- Strategic Investment in SpiceXpress: Carlyle Aviation will convert USD 20 million in lease arrears into compulsorily convertible debentures (CCDs) of SpiceXpress & Logistics Private Limited.
- Strengthened Partnership: This strategic partnership between SpiceJet and Carlyle Aviation will bolster SpiceJet's financial position, accelerate its growth plans, and enhance its ability to compete in the Indian aviation market.
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About SpiceJet Ltd
SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy-class seating in India.
According to Quarterly Results, the company reported net sales of Rs 1,708 crore, operating profit of Rs 49 crore and net profit of Rs 158 crore in Q1FY25. In its annual results, the company reported net sales of Rs 7,085 crore, an operating loss of Rs 644 and a net loss of Rs 424 crore in FY24.
The company has a market cap of over Rs 5,200 crore. According to the shareholding pattern of June 2024, FIIs bought 8,85,885 shares and increased their stake to 1.81 per cent compared to 1.73 per cent in March 2024. The stock is up by 96.8 per cent from its 52-week low of Rs 34 per share. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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