SpiceJet completes SpiceXpress hive off, results in one-time gain of Rs 2,555.77 crore
The consideration for the slump sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet.
The hive-off is effective from April 1, 2023, and paves the way for SpiceXpress to raise funds independently. Pic: Reuters