NEW DELHI: Carlyle Group’s commercial aviation investment and servicing unit will write off $40.2 million of SpiceJet’s lease arrears and convert $30 million of its arrears into equity, the Gurugram-based airline said on Tuesday.
Carlyle Aviation will convert $30 million in lease arrears into SpiceJet equity at Rs 100 per share, significantly increasing its stake in the airline. Carlyle will also convert $20 million in lease arrears into compulsorily convertible debentures (CCDs) of SpiceXpress & Logistics Private Limited.
“This strategic partnership between SpiceJet and Carlyle Aviation will bolster SpiceJet’s financial position, accelerate its growth plans, and enhance its ability to compete in the Indian aviation market,” said SpiceJet on Tuesday.
SpiceJet shares closed 2.47% higher at Rs 65.57 apiece on Tuesday. This is the second time when Carlyle Aviation will be converting its lease payments into equity. In August 2023, the firm had converted $28 million in dues into a 5.9% stake in the airline.