Shares of SpiceJet gained 6% on Tuesday after Carlyle Aviation agreed to Spicjet's debt settlement agreement.

What Happened: Carlyle Aviation has agreed to write off $40.17 million (around ₹337 crore) lease arrears. Additionally, the company will convert $30 million of lease (around ₹251 crore) into Spicjet shares at ₹100 per share. This will increase Carlyle's stake in SpiceJet. 

Carlyle will also convert $20 million (around ₹167 crore) lease arrears to compulsorily convertible debentures (CCDs) in SpiceXpress & Logistics. 

Spicejet has been in the news for some time. On Monday, reports said the company’s promoter Ajay Singh was looking to sell around 10%-15% of his stake in the company. 

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In the previous week,Delhi International Airport Ltd (DIAL), which operates Delhi Airport, reportedly asked the airline to settle its outstanding dues as soon as possible.

In late August, the Directorate General of Civil Aviation put SpiceJet under enhanced surveillance after the special audit revealed deficiencies in the airline's engineering facilities. The additional surveillance put the airline's planes under increased spot checks and night-time surveillance. 

Price Action: Shares of Spicjet gained 6.11% to intraday high of ₹67.9 on Tuesday afternoon. 

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