Spicejet repays last Rs 25 cr to settle City Union Bank’s Rs 100 cr loan
Low-cost airline Spicejet on Monday settled a Rs 100 crore loan to City Union Bank (CUB) by repaying Rs 25 crore as a part of the loan account’s final tranche, the company said in a press release.
In August 2022, the airline had agreed to repay its dues till June this year. With the latest settlement, the company has closed its loan account taken in 2012.
The company had also pledged 20 million shares with the bank as collateral owned by the airline’s promoters, according to media reports.
The recent settlement of Spicejet’s loan releases all securities that the company had pledged with the bank.
