Troubled airline SpieceJet has reached an agreement with Genesis and have resolved a $16 million dispute. Under the settlement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity at a price of Rs 100 per share.

The settlement will significantly reduce SpiceJet's financial liabilities and further strengthen its balance sheet, said Ajay Singh, the chairman and managing director of the airline.

Shares of SpiceJet rallied up to 7.85 per cent at SpiceJet per share on the BSE in Thursday’s intraday deals. SpiceJet share price surged after the company reached an amicable settlement with Genesis, resolving their over $16 million dispute.

Under a new agreement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity at a price of ₹100 per share, which is 78% higher than the previous closing price.

SpiceJet settles $16 million dispute with Genesis, paying $6 million and offering $4 million stake in airline.

As per the agreement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity at a price of Rs 100 per share.

The settlement underscores SpiceJet’s commitment to restoring financial health and achieving operational resilience. By settling this dispute, the airline is reducing its legal liabilities and fortifying its path toward stability.

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute.

SpiceJet shares jumped 9% after the airline reached a settlement with aircraft lessor Genesis, resolving a dispute over USD 16 million. The deal includes a USD 4 million equity stake for Genesis in SpiceJet.

In a joint statement, both parties confirmed that the settlement terms would result in the withdrawal of all ongoing litigations and disputes related to the matter. This move is expected to ease SpiceJet's legal liabilities and pave the way for smoother operations in the future.