Shares of Budget carrier SpiceJet rallied 8% on 14 March after the company announced that it had finalised the signing of a lease agreement for 10 aircraft to increase its capacity for the upcoming summer schedule.

In its regulatory filing, the company said that these additional aircraft will enable the company to meet the growing demand for air travel during the busy summer months.

This move highlights the company’s aim to provide seamless connectivity and tackle increased demands during the peak travel season.

Furthermore, the company has secured three airframes as a part of a recent settlement agreement, which further strengthens its fleet capabilities. These settlements with notable aircraft lessors have also resulted in savings of Rs 685 crore.

Earlier on 7 March, the company successfully resolved a Rs 413 crore dispute with Echelon Ireland Madison One Ltd, resulting in the acquisition of two airframes and savings of Rs 398 crore for the company.

The company has also resolved a dispute with Cross Ocean Partners worth Rs 93 crore, which resulted in the airline gaining an airframe and an engine.

The company’s management said, “With the recent infusion of funds, SpiceJet has expedited the resolution of all previous disputes. The company is poised to enhance its capacity, expand swiftly, and maintain its significant presence in the Indian aviation sector.”

At 12:50 pm, the shares of SpiceJet were trading 6.51% higher at Rs 53.65 on BSE.