SpiceJet has completed its equity share allotment to Carlyle Aviation Partners, marking a key milestone in a major restructuring initiative aimed at strengthening the airline’s balance sheet and long-term financial stability. This follows the settlement announcement made on September 11, 2025.
The Allotment Committee of the Board of Directors, in its meeting held on November 18, 2025, approved the issuance of 10,41,72,634 equity shares of face value INR 10 each at an issue price of INR 42.32 per share (including a premium of INR 32.32) on a preferential basis under the non-promoter category.
This step results in the removal of INR 442.25 crore (USD 50 million) of liabilities from SpiceJet’s balance sheet.
As part of the settlement framework, the agreement incorporates a mechanism under which, should the lessor realise proceeds exceeding USD 50 million from the sale of the issued shares, a portion of the surplus will be applied towards reducing future lease obligations of the airline.
Additionally, the agreement entitles SpiceJet to USD 79.6 million in cash maintenance reserves for future aircraft and engine maintenance, along with USD 9.9 million in cash maintenance credits to offset lease obligations.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This is an important milestone in our ongoing restructuring efforts and reflects our commitment to building a stronger and financially resilient SpiceJet. The removal of liabilities, combined with access to substantial maintenance reserves and credits, provides us with meaningful support as we continue to revive our fleet and expand operations. We appreciate the cooperation of Carlyle Aviation Partners throughout this process. Several other restructuring initiatives are underway, and we are hopeful of closing them soon as we continue building a stronger, more resilient airline for our customers, partners, and shareholders.”