New Delhi: In response to a media report indicating that the co-founder of IndiGo airline, Rakesh Gangwal, was in advanced discussions to buy a stake in the BSE-listed company SpiceJet Ltd.
Which saw a roughly 18% increase in shares during Friday’s trading. At the conclusion of the June quarter, Gangwal owned 5,10,21,132 shares or 13.23% of InterGlobe Aviation Ltd.
In accordance with the Supreme Court’s order, SpiceJet sent $1.5 million to Credit Suisse last month. The transaction took place on September 14. In accordance with the Delhi High Court’s orders, SpiceJet has paid Kal Airways Private Limited Rs 100 crore.
According to a recent claim, SpiceJet was attempting to bring the airline back to life. In response to the news, the stock increased to 18 percent, peaking at Rs 43 on the BSE.
Thanks to a robust demand for air travel, SpiceJet recorded a net profit of Rs 205 crore for the June quarter compared with a loss of Rs 789 crore in the equivalent period of last year. In the June quarter, it also had the highest domestic load factor in the business, at 90%.
At NCLT Mumbai, lessor applications for insolvency against SpiceJet are still pending. The report noted that Celestial Aviation had moved NCLT for a default of $20.9 million for nine aircraft against SpiceJet. According to the report, additional lessors such as Willis Lease, Wilmington, and Aircastle have also filed a complaint with NCLT Mumbai against SpiceJet.
About SpiceJet:
SpiceJet Ltd. is a low-cost airline (LCC) that offers passenger and cargo air transportation services. It has 145 cargo destinations; 52 are within the country, and 93 are outside. It is supported by a completely integrated transportation network that includes ground transportation, air cargo, and warehousing spaces. It is still India’s top air cargo operator, having flown over 10564 cargo trips and transported 139486 tonnes of goods.
It became the first and only airline to run many trips between Pune and Darbhanga nonstop. Durgapur-Pune Mumbai-Gwalior Hyderabad-Pune Pune-Udaipur Bangalore-Darbhanga Delhi-Jharsuguda and Bengaluru-Nashik. It expanded the number of UDAN destinations to Nashik and Darbhanga and added Chattogram in Bangladesh to the international network and Ranchi to the domestic network. It was given permission to fly to the US and the UK as an Indian-scheduled airline.
