SpiceJet (NSE:SPICEJET, BOM:500285) has settled its $16 million dispute with commercial aircraft leasing company Genesis, according to a THursdy filing to the stock exchanges.
Under the agreement, SpiceJet will pay Genesis $6 million and the latter will acquire $4 million as equity in SpiceJet at the rate of 100 Indian rupees per share.
"This agreement, which includes Genesis acquiring an equity stake in SpiceJet, will significantly reduce our financial liabilities and further strengthen our balance sheet," said Ajay Singh, chairman and managing director of the cash-strapped airline.
In September, Carlyle Aviation agreed to convert $30 million of lease arrears into SpiceJet equity at 100 rupees per share.
Shares of the company were up over 6% in recent trade.
Price (INR): ₹31.80, Change: ₹+0.10, Percent Change: +0.32%
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