Low cost carrier SpiceJet has cleared its financial dues of ₹100 crore to City Union Bank Ltd., as per its schedule.
“We received the last due of ₹25 crore on June 30, 2023 and released the pledged shares,” said a top bank official.
“It was not a bad loan as they have been paying the loan amount regularly along with interest as per the schedule and they have fulfilled their promises,” he said.
While rescheduling the loan, the bank had asked SpiceJet in August 2022 to pay ₹3 crore immediately. The promoters agreed to clear the remaining dues in a phased manner with June 2023 being the final date. At that time, the promoters of the low-cost carrier also pledged two crore shares, which were valued at over ₹90 crore a year ago.
During the closing session, shares of the company gained ₹3.39 or 12.44% to close at ₹30.64 on BSE Monday.
Published - July 03, 2023 09:10 pm IST
