Low-cost carrier SpiceJet on Monday said that it had allotted over 4.8 crore shares to nine aircraft lessors to clear outstanding dues worth Rs 231 crore as the troubled airline looks to return to full operations. 

The carrier’s shareholders had earlier passed a number of resolutions, including a Rs 2,500-crore fundraise and a preferential issue of shares to lessors to clear outstanding dues. 

SpiceJet has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector. 

The fund crunch and grounded fleet has eroded SpiceJet’s market share to 4.2 per cent as of July – lower than that of new entrant Akasa, which only began commercial operations in August 2022. 

SpiceJet, which in February had converted around $100 million in dues to aircraft lessor Carlyle Aviation into equity and debentures, still finds itself in legal battles with other lessors over dues. 

Moreover, two weeks ago, an Indian court had ordered the airline to pay $12 million by September 10 to former owner Kalanithi Maran over money owed. 

Two months ago, SpiceJet’s top shareholder and managing director, Ajay Singh, had said that he would infuse Rs 500 crore into the company.