Mumbai: Domestic airline Spicejet has announced the sale of its cargo business. The company’s board of directors approved the sale of cargo business subsidiary SpiceXpress and Logistics (SXPL) in its meeting held on Monday. The subsidiary company SXPL will issue shares and debentures worth Rs 2556 crore to SpiceJet. In this meeting, the Board of Directors also approved raising Rs 2500 crore through Qualified Institutional Placement (QIP). Apart from this, Carlyle Aviation’s debt-equity transfer has also been approved in the meeting.
$100 million loan to be converted into equity
Under this equity Rs. The transfer will be done at a price of 48 per share. Carlyle Group’s $100 million loan to SpiceJet will be converted into equity. This means that Carlyle Group will get a stake in SpiceJet in return for this loan. Meanwhile, the shares of SpiceJet are seeing a boom. The stock is currently trading at Rs 41 per share, up 3.27%. At the same time, the stock touched an intra-day level of Rs 42.25. Not only this, SpiceJet shares have gained more than 8% in the last 5 days. Shares have rallied more than 15% in the last month.
Net profit increased by 160% to Rs 110 crore
SpiceJet has recently declared its quarterly results. The company’s net profit increased by 160% to Rs 110 crore in the quarter. The company had posted a profit of Rs 42 crore in the previous year’s quarter. The company’s revenue during the period grew 2.4% to Rs 2,316 crore, as against Rs 2,262.6 crore in the year-ago quarter. At the same time, the company had a loss of Rs 833 crore in September. 1954 crore revenue was received.
