Spice Jet surges over 2 per cent on signing MoU with Avenue Capital
SpiceJet, which is the country's favourite airline and the largest regional player has signed a memorandum of understanding (MoU) with New York-based company, Avenue Capital Group for a strategic alliance.
The MoU relates to the financing, acquisition and sale & lease‐back of 50 new planes to be ordered by the airline. The MoU sets out further steps & conditions upon which, Avenue, as a part of the strategic alliance with SpiceJet, will help the company in placing its new aircraft portfolio including the sale and lease‐back along with the assumption of ownership of potentially up to 50 of these aircraft.
This alliance will ensure seamless induction of the planes in SpiceJet’s fleet and help the company perform better, going forward.
The stock of SpiceJet Limited soared more than 4 per cent during the day thereby, touching the day's high of Rs 71.15 on BSE. Besides, the stock ended today's trading session at Rs 69.50, up by 1.68 per cent.
----