SpiceJet to sell 5% stake to Carlyle Aviation Partners

SpiceJet is about to sell 5% stake to its largest lessor Carlyle Aviation Partners, with the lessor agreeing to convert its outstanding lease rental into equity. The airline had been in discussions with strategic investors since last year for a stake sale to bring in funds, sources claim. SpiceJet will also issue convertible debentures in in its newly- formed logistics arm SpiceXpress, which Carlyle can convert to equity at a future date. As part of this exercise, SpiceJet has valued its freighter business at $1 billion. This deal will help bringing in the much-needed financial stability for the airline as