SpiceJet shares rise about 9 percent following disclosure of Rs 1,000-crore government loan

According to a report, SpiceJet Ltd. is anticipated to obtain an additional Rs. 1,000 crore, ($122.7 million) loan under the government's modified Emergency Credit Line Guarantee Scheme. This news caused shares of SpiceJet Ltd. to increase by around 9 per cent on Thursday.

According to sources cited by the Business Standard daily, the money will enable the airline pay off its debts, make on-time lease payments to lessors, and bring on new Boeing 737 Max aircraft.

($1 is equal to 81.5150 Indian rupees.)

SpiceJet, an Indian low-cost carrier, has its main office in Gurgaon, Haryana. With a market share of 13.6 per cent as of March 2019, it is the second-largest airline in the nation by the volume of domestic passengers carried. The airline has bases in Delhi and Hyderabad from where it runs 630 flights a day to 64 destinations, including 54 in India and 15 abroad.

(With inputs from Reuters)