SpiceJet gets investors’ nod to transfer cargo unit to arm
The Hindu
Airline to almost wipe out ₹3,300-crore negative net worth
SpiceJet said it has received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Ltd., on a slump-sale basis, for ₹2,555.77 crore.
“The consideration for the slump sale shall be discharged by SpiceXpress by issuance of its shares in favour of SpiceJet,” the company said in a statement.
“The transfer will result in a one-time gain of ₹2,555.77 crore for SpiceJet, wiping out a substantial portion of it’s negative net worth,” SpiceJet added.
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