SpiceJet may sell 5% stake

Low-cost carrier SpiceJet Ltd's most giant laser may sell a 5% stake in the airline to US-based Carlyle Aviation Partners. According to media reports, SpiceJet owes Carlyle Aviation more than $100 million. In such a situation, a plan is being worked out to convert the loan into a 5% stake. Carlyle has leased 13 Boeing 737 aircraft to the airline.
Carlyle Aviation Partners, owned by the Carlyle Group, will pick up convertible debentures in cargo arm SpiceXpress along with a 5% stake in SpiceJet, the report said. It can be converted into equity on future dates. The meeting of the board of directors of SpiceJet will be held on February 24 regarding this. The panel will also discuss options for raising fresh capital.
SpiceJet is also in talks with other creditors to convert the dues into equity. The airline has made several attempts to raise funds in the last two years. SpiceJet last year said it was in talks with investment bankers to raise up to $200 million to work on future plans.
The airline has been running in losses for the last 4 years. SpiceJet has reported a net loss of Rs 316 crore, Rs 934 crore, Rs 998 crore and Rs 1,725 crore in FY19, FY20, FY21 and FY22 respectively.