SpiceJet has completed the issuance of equity shares to Carlyle Aviation Partners, a global aircraft leasing firm. This is another step taken in the financial restructuring plan of the airline.
This action, which comes a week after the settlement that was revealed on September 11, 2025, is intended to fortify the airline’s balance sheet and ensure financial stability for a long time to come.
Over 10.41 crore shares issued under preferential allotment
The Allotment Committee of the Board of Directors, in a meeting conducted on November 18, 2025, authorized the issuance of 10,41,72,634 equity shares of par value Rs 10 each.
Under the non-promoter category, the shares were allotted to the preferential allotment at a price of Rs 2.32 per share, which included a premium of Rs 32.32.
This major step removes Rs 442.25 crore (US $50 million) worth of liabilities from SpiceJet’s books, giving the airline critical breathing room as it continues efforts to streamline operations and stabilize finances.
Mechanism ton reduce future lease obligations
Under the settlement framework, a unique mechanism has been introduced:
If Carlyle Aviation Partners realizes proceeds exceeding US $50 million from selling the allotted shares, a portion of the surplus will be used to reduce SpiceJet’s future lease obligations. This performance-linked provision is expected to ease upcoming financial pressures on the carrier.
Maintenance reserves of newly US $90 million unlocked
A major gain for the airline comes in the form of US $79.6 million in cash maintenance reserves earmarked for future aircraft and engine overhauls. SpiceJet will also receive US $9.9 million in maintenance credits, which can be used to offset lease dues.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This is an important milestone in our ongoing restructuring efforts and reflects our commitment to building a stronger and financially resilient SpiceJet. The removal of liabilities, combined with access to substantial maintenance reserves and credits, provides us with meaningful support as we continue to revive our fleet and expand operations. We appreciate the cooperation of Carlyle Aviation Partners throughout this process. Several other restructuring initiatives are underway, and we are hopeful of closing them soon as we continue building a stronger, more resilient airline for our customers, partners, and shareholders.”
The restructuring plan is a significant milestone in SpiceJet’s strategy to strengthen its financial position and at the same time remain an eco-friendly operating force in the highly competitive aviation market.
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