SpiceJet Ltd will transfer its cargo business undertaking on a slump sale basis to its subsidiary SpiceXpress and Logistics Pvt Ltd (SXPL), said the company’s BSE filing. In the filing, the airlines said that the transfer of cargo business undertaking shall be discharged by SXPL by the issuance of securities in the combination of equity shares and Compulsorily Convertible Debentures (CCDs) for an aggregate amount of Rs 2,555.77 crore.
“As a part of ongoing restructuring with aircraft lessors Carlyle Aviation Partner (or its affiliated entities) and other aircraft lessors, all these CCDs will be transferred to those aircraft lessors who agree to exchange their lease liabilities for an aggregate amount equivalent to the total nominal value of such CCDs in accordance with the relevant provisions of applicable laws and receipt of applicable regulatory approvals, as may be required,” the company said.
Further, the company has also decided to buy AS Air Lease in the settlement with aircraft lessor Castlelake.
“The Board of Directors of the Company, as a part of restructuring with aircraft lessor CLSEC Holdings 10 DAC (affiliate entity of Castlelake) and in order to acquire two (2) Boeing model 737-800 airframes, has in-principally agreed to purchase entire share capital of AS Air Lease 41 (Ireland) Limited from CLSEC Holdings 10 DAC,” the company said.
SpiceJet has also agreed to seek approval from board members of the company to raise fresh capital of up to Rs 2,500 crore through the issue of eligible securities to qualified institutional buyers.
