Carlyle Aviation Partners to convert SpiceJet dues into equity: Report

Low-cost carrier SpiceJet is likely to enter an agreement with Carlyle Aviation Partners to convert the outstanding lease rental into equity stake, according to a report in The Economic Times.

Carlyle Aviation Partners, owned by private equity major Carlyle Group, will take a 5 percent stake in SpiceJet along with convertible debentures in its cargo arm SpiceXpress that can be converted into equity at a future date, the report added.

This is part of the plan to turn lessors into investors.

The Board of Directors of SpiceJet will hold a meeting on February 24 and consider issuing equity shares on a preferential basis consequent to the conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals.