SpiceJet gains after filing final settlement in Supreme Court along with Credit Suisse
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SpiceJet is currently trading at Rs. 49.85, up by 0.15 points or 0.30% from its previous closing of Rs. 49.70 on the BSE.
The scrip opened at Rs. 49.95 and has touched a high and low of Rs. 52.45 and Rs. 49.35 respectively. So far 623052 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. 46.40 on 06-May-2022.
Last one week high and low of the scrip stood at Rs. 52.45 and Rs. 48.70 respectively. The current market cap of the company is Rs. 2999.96 crore.
The promoters holding in the company stood at 59.40%, while Institutions and Non-Institutions held 1.22% and 39.38% respectively.
SpiceJet and Credit Suisse AG have signed and concluded the settlement and consent terms with regard to the pending dispute between the two parties. The settlement and consent terms, which was executed on May 23, 2022, has also been filed before the Supreme Court of India for final orders.
SpiceJet had already provided Bank Guarantee of $5 million on the direction of the Hon’ble Madras High Court in the matter and there is no adverse financial liability on the Company. The settlement involves payment of certain amount upfront and balance amount over a mutually agreed timeline.
The settlement with Credit Suisse follows SpiceJet’s successful settlements and performances therein with De Havilland Aircraft of Canada (DHC), Boeing, CDB Aviation, BOC Aviation and Avolon and provides an impetus to normalisation, growth and expansion of the airline.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
