SpiceJet Archives - Defence Monitor

26 Feb

SpiceJet’s revenue nosedives 36 pc in Q3, losses deepen to Rs 441 crore in Q2

New Delhi, Feb 26 (IANS) Low-cost airline SpiceJet has reported a sharp decline (on-year) in its revenue in the October-December quarter (Q3 FY25) to Rs 1,178.7 crore from Rs 1,850.4 crore in a year-ago period (Q3 FY24). This decline came despite a rise in domestic travel demand in India, which has been increasing for the past eight quarters. The airline, which announced its earnings for two consecutive quarters together (Q2 and Q3 FY25) after a board meeting on February 25, also suffered an increase in its net loss, which widened to Rs 441.7 crore in the July-September quarter (Q2 FY25).…

05 Mar

SpiceJet settles $11.2 mn dispute with Cross Ocean Partners, informs Delhi HC

New Delhi, March 5, SpiceJet has settled a dispute of about 11.2 million US dollars with the Cross Ocean Partners, the lessor behind the Special Purpose Vehicle (SPV) known as VS MSN 36118 CAY Designated Activity Company leased in 2018. Last year in June, after a judgement was obtained against SpiceJet in the U.K. High Court, the lessor moved to Delhi High Court and filed a case on November 21. “The parties made the settlement announcement before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners,” said the SpiceJet spokesperson. “The settlement is expected…

28 Feb

SpiceJet settles Rs 250 crore dispute with lessor Celestial Aviation

New Delhi, Feb 28, Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups have mutually settled their Rs 250 crore dispute through amicable negotiations, the company said on Wednesday. Ajay Singh, Chairman and Managing Director, SpiceJet, said, "SpiceJet and Celestial Aviation have successfully resolved our Rs 250 crore dispute through mutual agreement." "This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges. With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful…

22 Feb

SpiceJet’s Board approves allotment of 4.01 cr shares to two investors, raises additional Rs 316 cr

New Delhi, Feb 22, SpiceJet on Thursday said that the Preferential Allotment Committee had approved the allotment of 4.01 crore equity shares on a preferential basis to two investors, including Aries Opportunities Fund Limited. Additionally, the Committee sanctioned the allotment of 2.31 crore warrants, offering the option to apply for and be allotted an equivalent number of equity shares, to four investors, including Elara India Opportunities Fund Limited. The airline spokesperson said that SpiceJet has also raised an additional Rs 316 crore, bringing the total investments raised to Rs 1,060 crore under its preferential issue. Ajay Singh, Chairman and Managing…

14 Feb

SpiceJet shares dip amidst financial challenges, but airline asserts strong position

New Delhi, Feb 14, In the midst of news regarding delays in salary payments, EPFO deposits, and potential job cuts, SpiceJet shares experienced a 4.16 per cent decline on Wednesday. Nonetheless, the budget airline asserted that it is presently in its most robust financial state in recent memory. “SpiceJet is currently at its strongest financial position in recent history. We've successfully completed the first tranche of capital infusion, amounting to Rs 744 crore, and have received significant additional subscriptions pending regulatory approval,” said the airline spokesperson. “Furthermore, the company has initiated the process to raise an additional Rs 1,500 crore.…

15 Jan

SpiceJet receives in-principle approval from BSE for Rs 2,242 cr fund infusion

New Delhi, Jan 15, SpiceJet on Monday said that it has received in-principle approval from the Bombay Stock Exchange (BSE) for the issuance of equity shares and warrants convertible into equity shares on a preferential basis. The in-principle approval from BSE allows SpiceJet to proceed with the process of fund infusion, providing the airline with the necessary financial impetus for its growth. The approval comes on the heels of SpiceJet's successful 39th Annual General Meeting (AGM) held on January 10, where the members approved the proposal for a fund infusion of Rs 2,242 crore. Ajay Singh, Chairman and Managing Director…

07 Dec

SpiceJet mulling equity raise amidst financial turbulence, board meeting on Dec 11

New Delhi, Dec 7, SpiceJet will deliberate on raising fresh capital through the issue of equity shares in its Board meeting on December 11, according to a stock exchange filing. "This is to inform you that the Board of Directors of the Company in its meeting scheduled on December 11, 2023 (Monday) will discuss and consider, inter-alia, options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis, in accordance with the relevant provisions of applicable laws and subject to approval of the shareholders of the Company and receipt of applicable regulatory approvals, as may…

06 Dec

Dubai-bound SpiceJet flight diverted to Karachi after passenger suffers suspected heart attack

New Delhi, Dec 6, A SpiceJet flight to Dubai from Ahmedabad was diverted to Karachi in Pakistan after a passenger suffered a "suspected heart attack" on Tuesday night. "On December 5, SpiceJet Boeing 737 aircraft operating flight SG-15 (Ahmedabad-Dubai) was diverted to Karachi due to a medical emergency," a SpiceJet spokesperson said, adding that the aircraft landed safely in Karachi at around 9:30 p.m. The aircraft was on its way to Dubai when a 27-year-old passenger, Dharwal Darmesh, suffered a suspected heart attack and needed medical attention. The passenger was provided immediate medical treatment by a team of the Civil…

10 Oct

SpiceJet faces new bankruptcy code rider in case vs aircraft lessors

New Delhi, Oct 10, The National Company Law Tribunal (NCLT) on Tuesday told low-cost airline SpiceJet and its aircraft lessors, Aircastle and Wilmington, to study the impact of the government’s notification, issued last week, removing aviation lease agreements from the moratorium under the Insolvency and Bankruptcy Code (IBC). The next hearing in the cases is expected to come up on November 7. Aircastle and Wilmington have filed insolvency pleas against SpiceJet over unpaid dues. However, the airline has also challenged the maintainability of these petitions on certain technical grounds. The Centre had issued a notification on October 3 providing that…

21 Sep

SpiceJet CMD, complainant settle shares transfer dispute, HC told

New Delhi, Sep 21, The Delhi High Court was on Thursday informed that low-cost airline SpiceJet's Chairman and Managing Director Ajay Singh and a Delhi businessman have come into terms with settling a dispute between them regarding the shares. The case revolves around an allegation by the businessman and his family that they had entered into a share purchase agreement with Singh, paid Rs 10 lakh for 10 lakh shares, but did not receive them. The court was informed that they were finalising the terms of the settlement agreement. Counsel for both Singh and the complainant told the high court…