SpiceJet flies high on inking full and final settlement with AAI
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SpiceJet is currently trading at Rs. 41.60, up by 1.30 points or 3.23% from its previous closing of Rs. 40.30 on the BSE.
The scrip opened at Rs. 40.90 and has touched a high and low of Rs. 42.00 and Rs. 40.65 respectively. So far 348072 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.25 on 24-Nov-2021 and a 52 week low of Rs. 34.60 on 28-Jul-2022.
Last one week high and low of the scrip stood at Rs. 42.50 and Rs. 34.60 respectively. The current market cap of the company is Rs. 2497.46 crore.
The promoters holding in the company stood at 59.40%, while Institutions and Non-Institutions held 1.22% and 39.38% respectively.
SpiceJet has entered into a full and final settlement with the Airports Authority of India (AAI) and has cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on ‘cash and carry’ at AAI run airports across the country and will revert to advance payment mechanism for daily flight operations.
SpiceJet’s ability to clear the pending dues reflects the airline’s improved cash flow in the recent times. In another big boost for the airline, AAI will release SpiceJet’s Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
