SpiceJet signs MoU with Avenue Capital Group for financing, acquisition and sale and lease-back of up to 50 aircraft

SpiceJet, the country's favourite airline and the largest regional player, has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease-back of 50 new planes to be ordered by the airline.

The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of SpiceJet's new aircraft portfolio including sale and lease-back of and also assumption of ownership of potentially up to 50 of these aircraft.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term."

Shares of SPICEJET LTD. was last trading in BSE at Rs.68.35 as compared to the previous close of Rs. 69.25. The total number of shares traded during the day was 403957 in over 2195 trades.

The stock hit an intraday high of Rs. 70.65 and intraday low of 68.05. The net turnover during the day was Rs. 27750211.

Source : Equity Bulls

Keywords