SpiceJet gains 1% on settlement with Irish lessor

MUMBAI: Shares of SpiceJet today settled with gains of over 1 per cent after the budget carrier reached an out of court settlement with its Irish lessor, pushing up its market capitalisation by Rs 12 crore.

The shares of the company opened on a bullish note, then jumped 7.22 per cent to an intra-day high of Rs 23. At the end of the session, the stock closed at Rs 21.65, up 0.93 per cent on the BSE.

Pursuant to the rise in share price, the market capitalisation of the company jumped by Rs 11.98 crore to Rs 1,297.81 crore by the end of today's trading session.

Spicejet market capitalisation stood at Rs 1,285.83 crore on March 20.

" SpiceJet Limited has today (March 23, 2015) entered into a settlement agreement with its lessor Wilmington Trust SP Services (Dublin) Ltd with regard to aircraft operated by the company," the company said in a regulatory filing today.

Under the settlement agreement, the lessor has agreed to withdraw the court proceedings and deregisteration process of aircraft subject to SpiceJet satisfying the terms of settlement, it said.

The BSE index Sensex closed at 28,207.12, down 53.96 points or 0.19 per cent.