New Indian low-cost carrier SpiceJet has secured shareholder approval to issue up to $90 million worth of convertible bonds to assist with its purchase of new Boeing 737-800s.


The carrier launched services last month using leased 737-800s but has committed to purchasing 10 of the type directly from the manufacturer.

It said shortly before its launch that its board had decided to issue foreign currency convertible bonds in the international market in part to help cover aircraft acquisitions.

SpiceJet, which is publicly traded on the Bombay Stock Exchange, says in a statement that the $90 million cash-raising plan was approved by shareholders at an extraordinary general meeting on 10 June. No further details of the planned issue of securities are provided.

New Delhi-based SpiceJet is one of several new low-cost carriers that are entering the Indian domestic market.

Source: Flight Daily News