SpiceJet To Raise $300 Million In Fresh Capital, Transfer Cargo Business

Low-cost carrier SpiceJet said today it would transfer its cargo business to a unit for 25.56 billion rupees ($308.32 million), and raise another 25 billion rupees in fresh capital by issuing securities to qualified institutional buyers.

The cash-strapped airline said it will also convert its dues to aircraft lessor Carlyle Aviation into shares worth $29.5 million.

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