Spicejet share price:There was a lot of volatility in the stock market on Friday, the last trading day of the week. Amidst this environment, investors rushed for the shares of private sector airline SpiceJet. The stock has climbed 10 percent from the previous closing of Rs 66.35 to Rs 73.69. This is the highest level of the stock in 7 months. At the same time, at the end of trading, the stock closed at Rs 71.66, up 8%. The stock had reached the level of Rs 77.50 on 5 February 2024. This is the 52-week high of the stock. In October 2023, the price of this stock was Rs 34. This is the 52-week low of the stock. Let us tell you that in the last one month, the shares of SpiceJet have gained up to 30 percent.

SpiceJet approached the Supreme Court

Recently, SpiceJet approached the Supreme Court challenging the Delhi High Court's decision, which ordered it not to use the engines of three aircraft due to non-payment to the lessors. A bench headed by Chief Justice D.Y. Chandrachud asked the aviation company SpiceJet's lawyer to send an e-mail for an urgent hearing on its petition against the High Court's decision of September 11. In fact, a division bench of the Delhi High Court had said that SpiceJet had violated an agreed interim arrangement for payment of dues. The division bench had upheld the single judge's order to stop SpiceJet from using three engines due to non-payment.

Agreement with Carlyle Aviation

Also on September 10, SpiceJet airline finalised a debt restructuring agreement with Carlyle Aviation to waive off lease dues. Carlyle invested $20 million in SpiceXpress, converting lease dues into compulsorily convertible debentures. Carlyle also converted $30 million of debt owed by SpiceJet into equity at a rate of Rs 100 per share.

Chairman preparing to sell stake

Meanwhile, there is also news that SpiceJet Chairman Ajay Singh is reportedly considering selling more than 10 percent of his stake to bring the airline back on track and the funding round is expected to close by the end of September. The airline is also considering increasing its fleet by leasing 10 new aircraft. SpiceJet wants to deploy its 10 newly leased Boeing 737 aircraft to 60 popular and less served destinations. The airline is holding investor roadshows in Mumbai, Singapore and Hong Kong to generate interest for its upcoming qualified institutional placement (QIP) to raise about Rs 3,000 crore.