SpiceJet share price: Crisis-hit private sector airline SpiceJet Ltd (NSE: SPICEJET) has settled a dispute with Export Development Canada (EDC) for US$90.8 million.
Under this, the airline will take ownership of 13 Q400 aircraft for a total of US$22.5 million. SpiceJet stock was bought in a hurry after this news.
On Thursday, the fourth day of the week, SpiceJet Ltd’s share rose by about 5 percent and the price reached Rs 56.70. In September 2024, the share price had reached Rs 55.37.
The stock reached its 52-week high. In this sense, the stock is in recovery mode.
SpiceJet’s Big Success
SpiceJet said that this solution would save US$68.3 million (Rs 574 crore). Recently, the airline that is in crisis has raised 3,000 crore rupees.
It has also acquired full ownership of 13 EDC-financed Q400 aircraft and this development will help reduce operating costs.
According to the company’s statement, it has fully resolved the dispute of US $ 90.8 million (Rs 763 crore) with Export Development Canada (EDC) for a total of $ 22.5 million.
What Did The Company Chairman Say?
SpiceJet Ltd Chairman and Managing Director Ajay Singh said that this solution will help the airline company to move forward with a strong balance sheet and focus on bringing the Q400 aircraft back into service as soon as possible.
However, no details could be immediately obtained about the airline’s operational fleet.
SpiceJet Ltd announced earlier that it planned to add 10 aircraft to its fleet. Seven of the 199 aircraft will be leased.
Three will be from the airline’s own grounded fleet that will be slowly reintroduced to service. SpiceJet already has agreements in place for the lease of aircraft.
Quick Fact
| SpiceJet | Information |
|---|---|
| Stock price | ₹55.37 (3.24% up) |
| Dispute settlement amount | US$90.8 million |
| Ownership cost for 13 aircraft | US$22.5 million |
| Aircraft type | Q400 |
| Savings from settlement | US$68.3 million |
| Savings (in ₹) | ₹574 crore |
| Total funds raised | ₹3,000 crore |
| Fleet expansion plan | 10 aircraft |
| Leased aircraft | 7 |
| Own aircraft to be reintroduced | 3 |
| Cost reduction impact | Reduced operating costs |
| Company goal | Strong balance sheet |
| Aircraft return timeline | As soon as possible |
Disclaimer: The website and its content are for informational purposes only and should not be considered investment advice.
 for US$90.8 million. ){kind=link}