SpiceJet To Raise $300 Million In Fresh Capital, Transfer Cargo Business

SpiceJet would raise fresh capital by issuing securities to QIBs.

Low-cost carrier SpiceJet said today it would transfer its cargo business to a unit for 25.56 billion rupees ($308.32 million), and raise another 25 billion rupees in fresh capital by issuing securities to qualified institutional buyers.

The cash-strapped airline said it will also convert its dues to aircraft lessor Carlyle Aviation into shares worth $29.5 million.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)