Shares of Private carrier Spicejet were trading in the green and 3% higher after settling a Rs 93 crore dispute with aircraft lessor Cross Ocean Partners.

The settlement is expected to result in significant savings for the company and also put an end to the dispute. This will also benefit the company by transferring the airframe and engine at no additional cost.

Jay Singh, Chairman and Managing Director of SpiceJet, said that this settlement reinforces the company’s commitment to effectively settle with our partners and strengthen our operational capabilities.

Singh added that they remain focused on sustaining the positive momentum and creating long-term value for our stakeholders.

Earlier on 28 February, the company had also settled a Rs 250 crore dispute with Celestial Aviation, which is a subsidiary of one of the largest aircraft lessor groups.

The company has recently secured investments totalling Rs 1,060 crore through a preferential issue from notable investors, including Elara India Opportunities Fund Limited and Aries Opportunities Fund Limited.

The company is planning to raise Rs 2,250 crore by selling shares and warrants, which will play a crucial role in financing operational expansion initiatives.

Furthermore, the company is also aiming to save around Rs 100 crore per year by laying off around 1,000 employees.

At 2:05 pm, the shares of Spicejet were trading 2.56% higher at Rs 64.18 on BSE.