Shares of SpiceJet Ltd. rallied 7%, reaching a day’s high of Rs 61.30 on 19th December, after the company announced in an exchange filing that it had reached an amicable settlement with Genesis.
The $16 million dispute between SpiceJet and Genesis has been resolved, with SpiceJet agreeing to pay Genesis $6 million and Genesis acquiring $4 million in SpiceJet equity at Rs 100 per share.
Ajay Singh, Chairman and MD of SpiceJet, stated that the settlement is a key step towards financial stability, helping reduce liabilities and strengthen the company’s balance sheet.
Both parties have agreed to withdraw all ongoing litigations and disputes related to the matter, provided the settlement terms are met.
In the last two months, the firm has successfully settled disputes with other companies, including Aircastle (Ireland), Wilmington Trust SP Services, and Shannon Engine Support.
So far in 2024, the shares of SpiceJet have remained relatively flat. Currently, the company’s market capitalisation stands at around Rs 4,131 crore.
At 12:31 PM, the shares of SpiceJet were trading 7.21% at Rs 60.34 on BSE.
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