Key Points
SpiceJet has sought shareholder approval to issue 5.91% stake in the low-cost airline to Carlyle Aviation Partners--the aircraft financing unit of global private equity giant Carlyle Group..
The lessors have valued the airlines share at Rs 48 per equity share..
An equivalent equity infusion by promoters of companies was made mandatory for airlines to take full benefit of the scheme which is capped at 100% of the company's fund based or non-fund-based loan or Rs 1,500 crore, whichever is lower..
The transaction will substantially deleverage our balance sheet thereby allowing us to access fresh funds at a competitive rate and we aim to follow suit with other lessors as well in the near term, Ajay Singh, Chairman and Managing Director, SpiceJet said.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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