SpiceJet share price added more than 2 percent in the early trade on March 31 after the airline signed a memorandum of understanding with New York-based Avenue Capital Group for financing, acquisition and sale and lease‐back of up to 50 aircraft.
".... has signed a memorandum of understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease‐back of 50 new planes to be ordered by the airline," company said in the press release.
The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of the low-cost airline's new aircraft portfolio including sale and lease‐back of and also assumption of ownership of potentially up to 50 of these aircraft.
“We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term,” said Ajay Singh, Chairman and Managing Director, SpiceJet said in the statement.
At 0918 hours, SpiceJet was quoting at Rs 69.55, up Rs 1.20, or 1.76 percent on the BSE.
The share touched a 52-week high of Rs 107.95 on December 14, 2020 and a 52-week low of Rs 36 on March 31, 2020. It is trading 35.57 percent below its 52-week high and 93.19 percent above its 52-week low.