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SpiceJet Share Price: The airline company SpiceJet's stock is witnessing a rise for the second consecutive day. SpiceJet's stock, which opened at Rs 65 on Wednesday morning, rose by more than 5 percent to Rs 66.35. Two major reasons are being considered behind the rise in the airline company's stock. The company had announced a day earlier that 10 aircraft would be added to the fleet by the end of November. Out of these 10 aircraft, seven will be leased, three previously grounded SpiceJet aircraft will be re-inducted into service. After this announcement, the stock rose by more than 9 percent on Tuesday.
Apart from this, news came on Wednesday that SpiceJet has settled a dispute of US $ 132 million with aircraft leasing company Babcock & Brown Aircraft Management (BBAM). In a statement issued by SpiceJet, it was said that the dispute of $ 131.8 million (Rs 1,107 crore) with Horizon Aviation 1 Limited, Horizon II Aviation 3 Limited and Horizon III Aviation 2 Limited has been settled for $ 22.5 million. All these lessors are under the management of BBAM.
The company said, this agreement was done after SpiceJet received fresh capital of Rs 3,000 crore through Qualified Institutional Placement (QUI) last month. This has helped SpiceJet strengthen its book and reduce overall liabilities. SpiceJet Chairman and Managing Director Ajay Singh said, 'This agreement with (BBAM) enables us to reduce our liabilities substantially. With the funds raised through QIP, we are well-positioned to focus on growth, increase our fleet, and expand our services.
