SpiceJet has completed a key phase of its ongoing financial restructuring by issuing equity shares to Carlyle Aviation Partners. This removes ₹442.25 crore ($50 million) in liabilities from the airline’s balance sheet.

The airline’s Allotment Committee approved the issuance of 10,41,72,634 equity shares of face value ₹10 each at an issue price of ₹42.32 per share, including a premium of ₹32.32, on a preferential basis under the non-promoter category.

As part of the settlement structure, any amount realised by the lessor over $50 million from the eventual sale of these shares will partially offset SpiceJet’s future lease obligations. The deal also provides the airline access to $79.6 million in cash maintenance reserves for aircraft and engine upkeep and $9.9 million in cash maintenance

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