Carlyle’s aviation investment arm to pick up SpiceJet stake in debt-equity swap

The board of SpiceJet has approved the transfer of its cargo business to its subsidiary SpiceXpress & Logistics for Rs 25.56 billion and to raise Rs 25 billion in fresh capital through qualified institutional placement. The airline will also convert its dues to aircraft lessor Carlyle Aviation into shares (debt-equity swap) worth $29.5 million. As part of the proposed restructuring with aircraft lessor Carlyle Aviation Partners, the board has approved the issuance of equity shares on a preferential basis to these aircraft le­ssors consequent upon conversion of their existing lease liabilities equivalent to an amount not exceeding $29.5 million at a price of Rs 48 per equity share or a price determined in accordance with extant preferential issue guidelines, whichever is higher.