SpiceJet finalises lease agreements for 10 aircraft, shares surge over 9%

Shares of low-cost air carrier SpiceJet surged over 9 per cent on Thursday as the company said that it has finalised lease agreements for ten aircraft to expand its capacity. The development comes ahead of the upcoming summer which is usually busy for airlines.  

The no-frills airline has also received three airframes as part of recent settlement agreements.

The shares of SpiceJet opened in red at Rs 49.85 but went on to hit the day's high of Rs 55. This is a jump of 9.19 per cent from the previous close of Rs 50.37 on the BSE. 

Meanwhile, SpiceJet has resolved an $11.2 million (Rs 93 Crore) dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline.

Currently, SpiceJet has more than 30 planes in its fleet. In a release on Thursday, the airline said it has finalised lease agreements for 10 planes.

According to the release, it has received three airframes as part of recent settlement agreements and these have also resulted in savings of Rs 685 crore for the airline. Airframe refers to an aircraft without engines.