SpiceJet’s shareholders have approved the transfer of its cargo and logistics services business to a subsidiary, on a slump sale basis, through an all-share deal worth over Rs 2,555 crore, a move that will help the airline to significantly reduce its negative net worth.
Besides, the shareholders have cleared the proposal to raise to Rs 2,500 crore through the Qualified institutional placement (QIP) route.
SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before.
