As of the end of June, Rakesh Gangwal and his wife, Shobha Gangwal, held 13.23% and 2.99% stake respectively in IndiGo’s operating company, InterGlobe Aviation. The Chinkerpoo Family Trust, which is associated with them, also owns a 13.5% stake, according to stock market data cited by ET.
SpiceJet is facing financial challenges and is actively looking for funds due to the cash crunch. Earlier this year, the airline came under “enhanced supervision” by the aviation regulator. SpiceJet has had to deal with several lessors seeking to take possession of leased aircraft, and some cases have been resolved by the airline. About a quarter of the fleet remains grounded despite fierce competition within the aviation sector.
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Recently, SpiceJet issued over 4.81 crore equity shares to nine of its aircraft lessors on a preferential basis to settle outstanding debts of Rs 231 crore. In addition, the airline and lessor Celestial Aviation are in advanced negotiations on a settlement, which has been announced to the insolvency tribunal. NCLT.
Celestial Aviation Services has claimed a default of $29.9 million for nine aircraft, making it the fifth lessor to approach NCLT against SpiceJet. Other lessors such as Willis Lease Finance, Aircastle and Wilmington have also filed pleas seeking insolvency proceedings against SpiceJet at the NCLT.
Notably, the NCLT on September 5 suggested that SpiceJet would resolve issues with lessors who had filed for insolvency proceedings, which was against the backdrop of offering shares in lieu of dues to nine aircraft lessors.
In its latest quarterly report in June, SpiceJet reported a consolidated net profit of Rs 197 crore, a notable improvement from the net loss of Rs 783 in the same period last year. Following reports of Rakesh Gangwal’s potential share acquisition, SpiceJet shares rose, up as much as 20%, before closing the day 18% higher.