NEW DELHI: SpiceJet on Tuesday said shareholders have approved the transfer of its cargo and logistics services business to a subsidiary, on a slump sale basis, through an all-share deal worth over Rs 2,555 crore, a move that will help the airline to significantly reduce its negative networth.
Besides, the shareholders have cleared the proposal to raise up to Rs 2,500 crore through the Qualified institutional placement (QIP) route.
These developments also come at a time when the airline industry is slowly recovering after being battered by the coronavirus pandemic.
In a release, the budget carrier said it has received shareholders’ approval to transfer the cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Ltd.
