SpiceJet rises on report of likely $122 million government loan
Shares of SpiceJet Ltd surged 9 per cent on Thursday following reports the Indian budget carrier is likely to receive an additional loan of 10 billion rupees ($122.7 million) under the government’s modified Emergency Credit Line Guarantee Scheme.
The government on Wednesday enhanced the maximum loan amount eligibility for airlines under the scheme to 100 per cent of their loan outstanding to help the companies tide over cash-flow problems.
The funds will help the airline clear its dues, pay lessors on time and induct new Boeing 737 Max planes, Business Standard newspaper reported, citing sources.
